Nayib Bukele, the President of El Salvador, renowned for his supportive stance on Bitcoin, appears poised to secure another five-year term. Following the closure of the polls on Sunday, exit polls indicated a significant lead for Bukele, who has held office since 2019.

His strong position was widely expected due to his broad popularity and substantial lead in pre-election polls. Bukele later confirmed his victory via Twitter, claiming to have garnered over 85% of the votes and at least 58 out of 60 seats in the nation’s Assembly.

A defining aspect of Bukele’s leadership has been his unconventional actions, including a tough approach to gang violence and a notable emphasis on Bitcoin. During his first term, El Salvador became the first country to adopt Bitcoin as legal tender, a groundbreaking move applauded by Bitcoin enthusiasts despite skepticism from entities like the International Monetary Fund (IMF).

El Salvador introduced a cryptocurrency wallet called Chivo and began investing in Bitcoin as part of its strategy. Looking ahead, the country is preparing to issue its highly anticipated Bitcoin-backed “Volcano bonds” following regulatory approval in December. These bonds will fund a Bitcoin mining industry powered entirely by renewable energy sources.