The Crypto Roundup: 05 February 2024 | CryptoCompare.com

El Salvador’s pro-Bitcoin president Nayib Bukele is set to be reelected for a second five-year term leading the country, with exit polls showing him leading by a significant margin after voting ended.

Bukele, who has been in office since 2019, has maintained high approval ratings and was the frontrunner in pre-election forecasts. In his first term, Bukele gained international attention for taking aggressive measures against gang-related violence and in moving El Salvador toward Bitcoin.

In September 2021, El Salvador made history by adopting Bitcoin as legal tender, along with the U.S. dollar, to stimulate its economy, attract investment, and increase financial inclusion for its people.

The country has since been buying the cryptocurrency as an investment, with its BTC holdings swinging into profit late last year. This year, the country is looking to launch its Bitcoin-backed “Volcano bonds,” after receiving regulatory approval to do so. These bonds are set to fund the development of a renewable energy-powered Bitcoin mining operation.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/05/