El Salvador President Nayib Bukele continues to receive high levels of support from the public since he took office in 2019. The latest survey results revealed that public confidence is largely based on improvements in internal security, and the country’s cryptocurrency preferences remain limited among citizens.
High Approval Rates and Security Policies
In the public opinion poll on Bukele’s performance in office, 91.9 percent of participants expressed a positive opinion, while a small portion expressed a negative opinion. In the survey, approximately 63 percent said they strongly supported the president, while 1.8 percent strongly disapproved. Bukele gave a humorous response to these evaluations made on social media.
The main reason for the high approval rates is the decrease in crime rates in the country and the improvements made in social security. The Bukele administration took a tough approach to fighting gangs, building a large-scale prison for potential criminals.
The improvement in security conditions stands out as the most important factor in the public’s support for the administration.
It was evaluated that there has been a visible decrease in murder rates, especially in recent years, and that the state’s moves in this field have a direct impact on society.
Bitcoin Law and Talks with the IMF
Under Bukele’s leadership, the declaration of Bitcoin as a legal tender in 2021 had a great impact internationally. However, it is noted that the use of Bitcoin in daily life is still not widespread. While only 2.2 percent of those surveyed criticized the Bitcoin implementation, almost no other detail about the cryptocurrency was brought up.
In an interview last year, Bukele admitted that the project had not gained widespread popularity at the expected level.
Despite criticism, the government continues to implement its strategy of purchasing one Bitcoin every day, and the country’s cryptocurrency reserves continue to increase.
During this period, El Salvador also continued its contacts with the International Monetary Fund (IMF). In the recent agreements reached between the government and the IMF, it was envisaged to narrow the scope of some cryptocurrency initiatives. However, the signal that the state will continue its purchases of crypto assets was shared.
Chivo Wallet and Financial Implications
During the negotiations with the IMF, the future of the digital wallet application called Chivo, created by the state, also came to the agenda. The possibility of transferring or closing the application, which has received complaints about fraud, identity theft and technical glitches since its launch, is being considered.
The management states that after the closure of this public application, wallet services developed by the private sector can operate in the country. As part of the latest developments, El Salvador received $1.4 billion in financial support from the IMF in 2024. In the evaluation of the fund, it was stated that the country’s economy will grow by approximately 4 percent this year.
