The Rising
On the country's Independence Day on September 15, El Salvador's bitcoin-loving President Naiyb Bukele has caused an international outcry by announcing his candidacy for re-election as President.
Presidents have been given only two terms in El Salvador's constitution but are prohibited from serving both consecutive terms. That ban was overruled by the country's Supreme Court in September 2021, paving the way for Bukele.
In the Constitutional Chamber of El Salvador's Supreme Court, judges backed by Bukele's party sat, so the decision had to go in his favor. But international monetary and human rights organisations are opposing this decision. They are calling Bukele's decision a threat to democracy in El Salvador.
International Incident For Objection
Bukele has turned the US, IMF, etc. against himself by making bitcoin legal tender in the country. And by taking armed action against criminal groups, Bukele has turned human rights organisations against himself.
But, for bringing peace and prosperity to the country, Bukele has the support of the people of El Salvador.
Power Of Bitcoin
Bitcoin has increased the power of Bukele. Bukele holds the private keys to the country's economy, that is, the bitcoin treasury, so his chances of losing an election are slim, as well as the possibility of Bukele giving another president access to the country's bitcoin treasury.
