El Salvador and Bukele's Bitcoin Policy: A Conflicting Strategy Between Political Support and Policy Skepticism

President Nayib Bukele is currently enjoying an extremely impressive public approval rating in El Salvador, with 91.9% of the population supporting him. However, this figure masks a deeper divide: while Bukele is loved as a leader, his Bitcoin policy does not receive equivalent approval from the community.

Bukele’s Bitcoin Policy: Expected Initiative but Not Welcomed

According to data from NS3.AI, only 2.2% of El Salvador’s population considers Bitcoin as a significant success. This number contrasts sharply with Bukele’s high approval ratings in other areas, especially public safety. The Bitcoin strategy is seen as one of El Salvador’s first initiatives to shape the digital economy, but it appears unable to convince the majority of citizens.

International Community Pressure and IMF Attitudes

The International Monetary Fund (IMF) has publicly called on El Salvador to reduce its focus on Bitcoin, citing concerns over stability and currency risk. These doubts from the international organization further fuel domestic controversy. The Salvadoran public seems to share similar concerns, while the international community observes these developments with skepticism.

El Salvador Continues Buying Bitcoin: Commitment or Stubbornness?

Despite widespread opposition, El Salvador maintains its Bitcoin accumulation strategy by purchasing one Bitcoin every day. This action reflects Bukele’s determination to realize his cryptocurrency vision, regardless of public criticism. The question remains whether this persistence is a smart long-term strategy or an ill-advised act not well understood by the public.

In summary, El Salvador is caught in a notable contradiction: a popular leader (Bukele) implementing a policy (Bitcoin) that most citizens do not trust. This raises long-term questions about the sustainability of this strategy in an increasingly complex political and economic environment.