He’s no ordinary President.

Nayib Bukele has total decision-making power and absolute control over El Salvador.

He’s not afraid to break the rules.

The former Yamaha Motors dealer and Bitcoin posterchild couldn’t be any less presidential if he tried. Still, according to recent surveys, the 43rd president of El Salvador is now the most popular president the country has ever had.

87.8 per cent of people surveyed said that Bukele was doing a good job based on safety, security, and the economy, and they’d continue to support him as president.

Bukele first gained popularity, winning the election with 53% of the votes by waging war against the country’s violent crime rates and the corruption of the opposition parties.

Since 1991, El Salvador has been one of the most violent countries in the world, not involved in a war.

According to the Salvadoran government, 2022 closed with 495 murders, a reduction of 56.84% compared to 2021. It ended as the safest year in Salvadoran history since the end of the civil war, which was a stark difference from 2015, when 18.2 people were murdered per day, totalling 6656.

Between January 1 and January 31,2023, the Salvadoran National Police registered 11 murders at a rate of 0.4 daily. It’s 86.6% less than the 82 murders recorded in the same period in 2022.

Human Rights Groups Aren’t Happy With Bukele.

Amnesty International, the world’s largest human rights organisation, which investigates and exposes human rights abuse, has come out publicly against Bukele.

Their director Erika Guevara-Rosas says the Salvadoran authorities have committed massive human rights violations, including thousands of arbitrary detentions and not giving people detained a fair due process.

Guevara-Rosas claims that arrests are happening and people are being trialled in batches, sometimes hundreds of people at a time. She also claims that following witness reports, there is clear evidence that people are being tortured and given inadequate treatment, with at least 18 dying in state custody.

Erika Guevara-Rosas — Source

“Three years ago, we met President Nayib Bukele, and he pledged to respect human rights. Since then, however, he has repeatedly failed to keep his word.

On the pretext of punishing gangs, the Salvadoran authorities are committing widespread and flagrant human rights violations and criminalising people living in poverty.

Instead of offering an effective response to the dramatic violence caused by gangs and the historic public security challenges facing the country, they are subjecting the Salvadoran people to tragedy.

Victims of gang violence urgently deserve justice, but this can only be achieved through robust investigations and fair trials that ensure due process and effective sentencing.”

You Keep Holding Us to the Things That Are Keeping Us Underdeveloped.

Bukele famously changed laws in El Salvador to recognise Bitcoin as a legal tender to support the unbanked residents (who comprise 70% of the population) and reduce the country’s $200 Million bill.

Remittances comprise a large portion of the country’s expenses, totalling roughly $5.9 billion (23%). Anything with the potential to lower the cost could significantly benefit the country’s economy.

To date, El Salvador holds 2,381 Bitcoin at a cost price of $43,357, according to data from Buy Bitcoin Worldwide.

Bukele often comes into criticism from political leaders and economists worldwide for using his country’s reserves to buy Bitcoin.

The IMF (International Monetary Fund) begged him to do a U-turn on making Bitcoin a legal tender, saying they were concerned about how it would affect the general population and the country’s financial Stability.

Bukele refused.

It’s resulted in economists worldwide expressing their concerns and some offering speculation as to whether Bukele may have lost his mind.

Steve Hanke — Source

“El Salvador now has the most distressed sovereign debt in the world, and it’s because of the Bitcoin folly. The markets think that Bukele’s gone mad, and he has.”

Bukele has responded to the criticisms with a powerful speech in a now-viral video that included World Leaders questioning the economic stability of El Salvador.

Nayib Bukele — Source

“We know we are small.

We know our own limits, but we want to be like a smaller version of you (Addressing Multiple Countries). But to be like you, we must act and do what you do.

Not do what you say.

Otherwise, we would never be like you. We would only be a colony or an underdeveloped Country.

We want to be friends with you (talking Spanish leaders) like we are now. Not a Spanish colony. Or else we will never develop.

We signed a document 200 years ago, in 1821. I hope it was not just a worthless piece of paper; you gave us our independence.

You said here you go — from now on, you are a country.

Not a colony, not a protectorate, a country.

And I believed it.

When I say that we want to be like you, it’s the truth. I’m serious about it because you built your own country.

Now you must let us build our own country. But it’ll be challenging if you insist on binding us to our past, which you know has not been good for us.

So if you keep tying us to the same things that have kept us underdeveloped, then we’ll never develop.

We have to make a change.

A wise man once said that the definition of insanity is to repeat the same things and expect a different outcome. We aren’t going to change, keeping things the way they were.

Let us develop by following the law and respecting our people. We don’t want you to have to feed us forever. I mean, thank you, but we also want to be able to buy our own food.

We must develop ourselves to buy our own food and produce it ourselves.

We don’t just want to settle for meal handouts once in a while.”

Final Thoughts.

In a separate speech to 1,450 newly trained soldiers, President Bukele warned that if gang members outside prison continued to engage in criminal activity, he would deny food to those currently incarcerated.

It shows you that he’ll go to any length to ensure order to restored in the form of people’s safety in the country.

And if innocent bystanders get caught in the crossfire he’s seemingly ok with that.

Bukele completely disregarded the IMF’s pleas to reverse his decision on making Bitcoin legal tender.

While I don’t know the details of the human rights issues, it’s clear he’s making great strides into reducing murder rates in the country. Whether that’s through death threats or cutting deals with gangs, he’s getting the job done.

His bet on Bitcoin will significantly impact the future of El Salvador’s prosperity. Some feel Bitcoin has too much runway left before it becomes near stable enough to be recognised as a regular form of value for the masses.

Regardless of what side of the fence you sit on, you can’t deny that he’s a man on a mission trying to bring about enormous change in one of the most troubled poverty-stricken countries in the world.

He’s inspiring most of his people along the way and if his bet on Bitcoin comes off he’ll go down in history.

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This article is for informational purposes only; it should not be considered financial, tax or legal advice. You can consult a financial professional before making any significant financial decisions.