In a groundbreaking move, El Salvador has approved constitutional reforms that allow President Nayib Bukele to remain in power indefinitely. This decision has significant implications for Bitcoin adoption and democratic governance in the country. Here’s what you need to know.
El Salvador’s Controversial Constitutional Reforms
The reforms, passed by a 57–3 vote, remove term limits, extend the presidential term from five to six years, and eliminate run-off elections. Supporters argue this will streamline governance, while critics warn of democratic erosion.
How Does This Impact Bitcoin in El Salvador?
Bukele’s government has been a pioneer in Bitcoin adoption. Despite IMF reports, the country continues to accumulate Bitcoin, holding over 6,255 BTC. The reforms could further solidify his pro-Bitcoin policies.
Public Opinion and International Reactions
Bukele enjoys 78% approval domestically, but international observers condemn the reforms as a threat to democracy. The move has sparked debates about centralized power versus democratic norms.
What’s Next for El Salvador and Bitcoin?
With Bukele’s indefinite rule, expect continued Bitcoin integration. The country recently signed a crypto agreement with Bolivia, signaling ongoing commitment to cryptocurrency infrastructure.
FAQs
Q: How long can Bukele now stay in power?
A: The reforms remove term limits, allowing him to rule indefinitely.
Q: How much Bitcoin does El Salvador hold?
A: As of now, the country holds 6,255.18 BTC.
Q: What are the main criticisms of the reforms?
A: Critics argue they erode democratic checks and balances, risking corruption.
Q: How does this affect Bitcoin adoption?
A: Bukele’s prolonged rule could accelerate Bitcoin integration in El Salvador.
