El Salvador's incumbent President Nayib Bukele is poised for another term following exit polls that demonstrated his substantial lead in the recent elections. Bukele, who first assumed office in 2019, has maintained high approval ratings and was the frontrunner in the polls leading up to the election.

Bukele announced on Twitter, "According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly"

During his initial tenure, Bukele garnered attention for his aggressive approach to curbing gang violence and his significant investments in bitcoin. El Salvador made headlines under his leadership in 2021 by becoming the world's first country to declare bitcoin a legal tender. The country also launched the Chivo crypto wallet and began purchasing bitcoin, aiming to boost the cryptocurrency's usage. Despite the enthusiasm from the crypto community, these actions faced skepticism from global entities like the International Monetary Fund (IMF).

El Salvador is now set to launch its anticipated bitcoin-backed "Volcano bonds," having gained regulatory approval in December. The proceeds from these bonds are intended to support a bitcoin mining operation fueled entirely by renewable energy sources.

CoinDesk