El Salvador’s Bukele Approval Hits Record 91.9% Despite Tepid Bitcoin Adoption

El Salvador President Nayib Bukele continues to command overwhelming public support, even as the country’s landmark Bitcoin policy shows limited traction among citizens.

Key Takeaways:

• Bukele holds a 91.9% approval rating, driven mainly by improved security and falling crime.
• Bitcoin adoption among citizens remains limited despite its legal tender status.
• El Salvador continues accumulating Bitcoin even while negotiating with the IMF.

A new survey published by Salvadoran newspaper La Prensa Gráfica found that 91.9% of respondents approve of Bukele’s performance in office.

Of the 1,200 people polled, 62.8% said they strongly approve of the president, while only 1.8% expressed strong disapproval. Bukele reacted sarcastically to the figures on X, writing, “So now they’re 1.8%?”

Crime Reduction Fuels Bukele Support Despite Bitcoin Experiment

The results suggest that the administration’s popularity is being driven largely by domestic policy rather than cryptocurrency.

According to the poll, improved security conditions ranked as the main reason for public support.

Since taking office in 2019, Bukele has launched an aggressive crackdown on gangs and opened the Terrorism Confinement Center (CECOT), a large-scale prison designed to hold suspected gang members.

Homicide rates have fallen sharply compared with previous years, a change widely cited by residents as the government’s biggest achievement.

By contrast, the president’s Bitcoin initiative appears to carry little weight in public opinion. Only 2.2% of respondents described Bitcoin as the biggest failure of Bukele’s six-year presidency, and the cryptocurrency was otherwise barely mentioned in the survey.

The muted reaction reflects a broader pattern: while the country made history in 2021 by adopting Bitcoin as legal tender and requiring businesses to accept it where possible, everyday usage has remained limited.

Bukele himself acknowledged the gap in a 2024 interview with TIME, saying the project did not achieve the widespread adoption authorities initially expected.

The policy also drew criticism from international lenders, particularly the International Monetary Fund, which repeatedly warned about fiscal and financial stability risks.

Despite those concerns, El Salvador has not stepped away from accumulating Bitcoin.

Government officials say the country has continued buying one Bitcoin per day since 2022, a strategy Bukele has publicly pledged to maintain. Online trackers linked to the government’s Bitcoin office indicate the national reserves are still growing.

San Salvador recently reached a financing agreement with the IMF that included scaling back certain crypto-related initiatives, but the administration has signaled that purchases for state reserves will continue.

IMF Presses El Salvador as Chivo Wallet Sale Looms

In December last year, the IMF said its ongoing talks with El Salvador over Bitcoin policy are focused on improving transparency, protecting public funds and reducing financial risks.

As part of the discussions, authorities are negotiating the potential sale or shutdown of the government-run Chivo wallet, which has faced complaints about fraud, identity theft and technical problems since launch.

Officials had previously signaled the app could be wound down while private crypto wallets continue operating in the country.

El Salvador secured a $1.4 billion IMF loan in 2024 after tensions linked to its Bitcoin adoption. The IMF’s latest review noted stronger-than-expected economic performance, projecting real GDP growth of about 4% this year with positive prospects for the next.

The post El Salvador’s Bukele Approval Hits Record 91.9% Despite Tepid Bitcoin Adoption appeared first on Cryptonews.