Bukele's Bitcoin Strategy Faces Uncertain Future in El Salvador Election

El Salvador's presidential election in February 2027 is set to challenge President Nayib Bukele's Bitcoin strategy, which has been a cornerstone of his presidency. The two main opposition parties, Nationalist Republican Alliance (ARENA) and Farabundo Marti National Liberation Front (FMLN), have named their candidates for the election: Maytee Iraheta and Rafael Aguirre, respectively.

Bukele's party, Nuevas Ideas, has nominated him for a third term, with Vice President Felix Ulloa as his running mate. However, both ARENA and FMLN have criticized Bukele's Bitcoin strategy, calling it a fiscal failure.

The current president remains broadly popular, with an approval rating of over 94% in one national poll. Crime is the main driver of this support, rather than Bitcoin, which only 2.2% of Salvadorans consider his biggest failure.

In February 2025, El Salvador removed the requirement for businesses to accept Bitcoin as a mandatory legal tender, following an IMF loan agreement worth $1.4 billion. However, the National Bitcoin Office continues to buy approximately one BTC per day, and the government has boosted its gold reserves in January.