President Nayib Bukele of El Salvador has managed to defy political expectations throughout his tenure and is still well above any kind of acceptable approval rating compared to other global leaders today, particularly when you consider how all other global leaders are having a difficult time retaining any level of support. According to new data released this week, the millennial leader’s popularity remains nearly absolute, insulating his administration from criticism regarding its controversial and costly cryptocurrency experiments.
A fresh survey published by the daily newspaper La Prensa Gráfica reveals that an overwhelming 91.9% of Salvadorans approve of the president’s job performance. The poll, conducted by the paper’s research unit LPG Datos, surveyed 1,200 citizens and paints a picture of a leader with virtually no significant political opposition at home.
A Mandate of Steel
The numbers are staggering by any democratic standard. The survey details that 62.8% of respondents “strongly approve” of Bukele’s administration, while only a microscopic 1.8% expressed strong disapproval.
True to his digitally savvy brand, Bukele took to social media platform X (formerly Twitter) to mock the opposition’s shrinking footprint. “So now they’re 1.8%?” he wrote, highlighting his dominance over the country’s traditional political parties, which have struggled to find a foothold since his ascent.
This massive amounts of support create significant political capital for Bukele to run his government and make decisions without restrictions from another president in the history of Latin America. However, beneath the headline numbers, the survey exposes a distinct lack of enthusiasm for one of his signature policies: Bitcoin.
Security Trumps Crypto
The engine driving Bukele’s popularity is not digital currency, but physical safety. Bukele’s entry into the presidency occurred during a time when El Salvador was known throughout the world as being one of the most violent nations. Gangs were vying for control of entire neighborhoods, and businesses were being forced into paying extortion fees in order for the gang members not to commit violence against them. The response from Bukele’s government has been to create a very aggressive response to this violence, including the taking away of many civil liberties and the creation of a mega-prison called the Terrorist Confinement Center (CECOT), which will house up to a hundred thousand gang members.
For the average Salvadoran, the results have been tangible. Homicide rates have plummeted, and neighborhoods once controlled by gangs are now accessible. The La Prensa Gráfica survey confirms that the improved security situation is the primary driver of the president’s high marks. For a population that lived in fear for decades, safe streets largely outweigh concerns over democratic norms or economic experiments.
The Bitcoin Disconnect
While citizens cheer the security crackdown, they appear largely indifferent—or skeptical—toward the president’s vision of El Salvador as a crypto-financial hub.
In 2021, Bukele made history by establishing the “Bitcoin Law,” which made the cryptocurrency legal tender alongside the U.S. dollar. Three years after the government launched the Chivo digital wallet and incentivized businesses to use it, the technology has gained little traction among consumers.
The survey noted that 2.2% of respondents identified the Bitcoin rollout as the administration’s “biggest failure.” Perhaps even more revealing than the absence of Bitcoin from other survey questions (i.e. very few Salvadorians reference Bitcoin as having any impact on their normal daily activity) is the silence regarding it.
President Bukele confirmed this to TIME in a 2019 interview where he stated that while he hoped for widespread adoption of Bitcoin, the reality is that it has not “led to such widespread adoption.” However, he believes that it will positively impact the brand of El Salvador and that they will start to see some tourism based on the experiment with Bitcoin.
Buying the Dip, Defying the IMF
Although many people were not impressed with the government’s decision to adopt cryptocurrency, there has been no indication of any change in the country’s crypto strategy. The country continues to negotiate with the International Monetary Fund (IMF), which has warned multiple times about Bitcoin’s volatility and its ability to impact the economic stability and protection of consumers that exist in the country.
The adoption of concessions to the IMF has been suggested, potentially limiting the application of the Bitcoin law as a way to reduce volatility risks. Regardless, the government continues to accumulate resources, reportedly acquiring a unit of Bitcoin per day as a result of President Bukele’s initiative originating in late 2022.
The Bitcoin Office operates a public website that tracks the ongoing accumulation of Bitcoin; therefore, global investors should take notice that this accumulation strategy comes from the government. President Bukele has displayed defiance against international pressure by stating on the social media platform X that he will continue making daily purchases of Bitcoin “indefinitely.”
The Path Ahead
For now, Nayib Bukele occupies a unique position. He is a leader who has staked his international reputation on a niche financial technology that his own people largely ignore, yet he remains the most popular president in the region.
As long as the streets of San Salvador remain safe, it appears the electorate is willing to tolerate—or at least ignore—the president’s Bitcoin ambitions. With a 92% approval rating, Bukele has the political runway to continue his “stacking sats” strategy, regardless of what the IMF or his critics might say.
