President Nayib Bukele of El Salvador will attempt to retain power after his current term as president expires in 2024, following in the footsteps of other Latin American leaders such as Hugo Chavez of Venezuela and Alvaro Uribe of Colombia, who overrode constitutional restrictions to do so.
The 41-year-old leader said in a speech on the country’s independence day that he anticipated opposition to his plan from other governments.
Nayib Bukele is one of the most prominent traders in the cryptocurrency space, and he is running for reelection with the main themes of his platform being the adoption of Bitcoin as a national currency as well as combating crime. Bukele’s portfolio is currently suffering a tremendous loss and is anything but a trader’s dream.
It will probably continue to lose money until the new market bull run begins. El Salvador’s president typically invests in Bitcoin at $51,000 per BTC, which is currently trading at $19,573.
The first cryptocurrency’s price fell to $19,000 in July, when he made his most recent purchase.
Regrettably, the implementation strategy for digital assets has other issues in addition to unsuccessful Bitcoin trading. Bukele has been vocally supporting the adoption of Bitcoin as a national currency, which would allow for the payment of taxes using digital currencies, the use of BTC as a means of payment, and the inclusion of cryptocurrency in international trade.
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