El Salvador Presidential Candidates Challenge Bukele's Bitcoin Strategy

The presidential election in El Salvador is heating up, and the Bitcoin strategy of President Bukele is under scrutiny. The Nationalist Republican Alliance (ARENA) has nominated Maytee Iraheta to challenge Bukele's plan to make Bitcoin a legal tender, while the Farabundo Martí National Liberation Front (FMLN) has nominated Rafael Aguirre. Both candidates have expressed opposition to Bukele's strategy, which involves purchasing approximately 1 BTC daily. The government has so far acquired about 7,730 BTC as of July 27. In February 2025, El Salvador revoked Bitcoin's legal tender status after a $1.4 billion loan agreement with the IMF made the US dollar the sole official currency.

The opposition candidates' stance on Bitcoin is significant, given Bukele's continued support for the cryptocurrency despite its recent decline in value. The country's decision to purchase Bitcoin daily has been a contentious issue, and the election will likely bring more scrutiny to the government's handling of the cryptocurrency.