- Nayib Bukele, president of El Salvador, will run for reelection in 2024 despite a constitutional ban on consecutive terms after a tribunal approved his bid.
- VanEck advisor Gabor Gurbacs praised El Salvador’s adoption of Bitcoin as legal tender, saying it could become the “Singapore of the Americas.”
- However, the IMF warned of risks from El Salvador’s Bitcoin policy, even as major Wall Street firms tout its potential benefits.
Nayib Bukele, president of El Salvador, will be running for another term in 2024. A Supreme Electoral Tribunal has approved Bukele’s bid for reelection despite a constitutional ban on consecutive presidential terms.
Tribunal Greenlights Bukele’s Reelection Bid
Under El Salvador‘s constitution, a president is limited to one 5-year term, and consecutive terms are banned. However, a special tribunal has now cleared the way for Bukele to run again in 2024. This follows a 2021 Supreme Court ruling that allowed Bukele to seek a second term.
Bukele announced in 2022 that he would run again. In a September speech, the then 41-year-old president said he had “decided to run as a candidate for president of the republic.” He will run on the ticket of the populist New Ideas Party he founded.
VanEck Strategist Praises El Salvador’s Bitcoin Policy
Meanwhile, VanEck advisor Gabor Gurbacs recently touted El Salvador’s approach to Bitcoin. Gurbacs said the country has the potential to become the “Singapore of the Americas” due to its pioneering adoption of Bitcoin as legal tender.
Gurbacs believes El Salvador will see increased immigration, investment, and growth due to its progressive Bitcoin policy. However, the IMF has warned of risks from El Salvador’s Bitcoin adoption.
Conclusion
Bukele is cleared to run again in 2024 thanks to a tribunal ruling. His reelection bid comes as a major Wall Street firm praises El Salvador’s Bitcoin model. However, risks remain as the country ventures into uncharted waters.
