El Salvador’s President Bukele Has An 85% Approval Rating In A New Gallup Poll, Thanks To His Bitcoin Experiment.

In a public opinion poll, El Salvadorans overwhelmingly supported President Bukele. With an 85 percent score, he outperforms other Latin American presidents.

The findings of a poll done by CID Gallup in February to determine public perceptions of Latin American leaders are now available. Nayib Bukele of El Salvador is ranked first with an 85% rating, while Luis Abinader of the Dominican Republic is ranked second with a 70% rating.

CID Gallup’s tweet:

“The Salvadoran President, Nayib Bukele, remains the best-evaluated president among eleven Latin American countries from Mexico to Peru,”

The economic improvements that the country has seen over the previous 12 months are at the heart of Bukele’s favorable public perception. El Salvador’s GDP increased by double digits in 2021, compared to -7.9% in 2020. The acceptance of Bitcoin as legal tender in September 2021 played a significant impact on the economy’s optimistic figures.

Remittance fees have been reduced to nothing as a result of Bitcoin, and the tourist industry has seen some growth as Bitcoin maximalists flock to the nation in pilgrimage. The introduction of a $1 billion Bitcoin bond is certain to draw capital inflows to the country, and the successful launch of Bitcoin mining through geothermal energy has contributed to the country’s economic progress.

Since El Salvador declared its plan to adopt Bitcoin as legal tender, the IMF has been the country’s harshest critic. Following a series of warnings, the Fund observed in a report that the country’s economy was significantly recuperating and highlighted the benefits of financial inclusion that the asset class delivers.

Nonetheless, the IMF cautioned about the risks of cryptoization to the Salvadoran economy. The Fund believes that volatility in cryptocurrency values might disrupt the flow of finance in emerging nations, causing policymakers problems.

El Salvador has expanded its Bitcoin holdings using the strategy of buying the dip after deciding to use Bitcoin as a currency. To now, the country owns 1,801 BTC worth around $70 million, and Bukele claims to be in charge of the transactions.

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Patrick

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