El Salvador Opens Door to More Bitcoin as Bukele’s Presidency Is Extended
The El Salvadorian legislative assembly voted to eliminate presidential term limits, a bold step toward consolidating political power.
The implications for crypto go beyond politics, as the move signals potential for more Bitcoin (BTC) accumulation.
El Salvador Expands Nayib Bukele’s Staying PowerThe August 1 constitutional reforms, passed 57–3, allow President Nayib Bukele to seek re-election indefinitely. They also extend presidential terms from five to six years and postpone the next election to 2027.
Bukele is literally the most popular democratically-elected leader in the world.
He took El Salvador from the murder capital of the world to the safest country in the Western hemisphere.
When you get a once-in-a-century leader, you let him keep running for reelection. pic.twitter.com/o0Khu5aNjD
The legislative overhaul comes at a moment when Bukele enjoys some of the highest approval ratings in the region, largely due to his iron-fisted crackdown on gang violence.
Yet critics, including human rights organizations and Western governments, argue that dismantling democratic checks could have long-term consequences.
Still, for the global crypto community, the implications go beyond politics. Bukele’s extended grip on power signals a continuation, and possibly expansion, of El Salvador’s Bitcoin-centric economic policy.
Since declaring Bitcoin legal tender in 2021, Bukele has positioned the nation as a symbol of financial sovereignty, even in the face of global skepticism.
Despite IMF pressure tied to a $1.4 billion credit program, which explicitly calls for a halt to further Bitcoin purchases, Bukele’s administration has continued to frame itself as an active Bitcoin accumulator publicly.
In late July, the government announced the acquisition of eight more BTC, purchased at an average price of $118,500 per coin. This brought the country’s total reported holdings to approximately 6,248 BTC, worth over $740 million.
EL SALVADOR JUST BOUGHT MORE BITCOIN 