According to CryptoPotato, El Salvador's President Nayib Bukele has received approval from the Supreme Electoral Tribunal to run for a second term in the 2024 presidential election. This decision follows a 2021 ruling by El Salvador's Supreme Court of Justice allowing Bukele to seek a second term. Bukele, a popular reformer, anti-violence crusader, and Bitcoin advocate, announced his intention to run for reelection as far back as 2022.
The president of El Salvador enjoys high public approval ratings for his efforts to crack down on gang violence. Bukele will be running on the ticket of the party he founded, the populist New Ideas Party. In addition, he is one of the most outspoken government advocates for Bitcoin and blockchain in the world.
Meanwhile, VanEck advisor Gabor Gurbacs recently praised El Salvador's approach to Bitcoin. The Wall Street hedge fund strategist said the Central American nation has 'the potential to become the Singapore of the Americas.' Gurbacs made this statement in a retweet of a post by Bitcoin maximalist Max Keiser, who is also the chairman of El Salvador-based Bitcoin mining startup Volcano Energy.
However, not everyone is optimistic about El Salvador's embrace of Bitcoin. The International Monetary Fund (IMF) warned this summer that El Salvador's adoption of Bitcoin comes with increased risks and challenges.