El Salvador’s Bukele Approval Skyrockets to 91.9% – Bitcoin Adoption Just the Icing?

El Salvador's president rides a historic approval wave while Bitcoin simmers on the back burner.

The Approval Paradox

Nayib Bukele's popularity hits a stratospheric 91.9%—a figure that would make any traditional politician weep into their spreadsheets. The kicker? This surge comes alongside what observers call 'tepid' public uptake of the country's flagship Bitcoin law. Citizens love the leader more than they're using the digital currency he championed. A masterclass in political branding over practical utility.

Beyond the Crypto Hype

Forget the asset's price charts. The real story isn't trading volume; it's political capital. Bukele’s administration leveraged Bitcoin for a global narrative coup, positioning El Salvador as a defiant, tech-forward nation. The law itself acted as a massive marketing campaign, attracting eyeballs and investment talk, even if daily crypto transactions remain a niche activity. Sometimes the sizzle really is worth more than the steak—just ask any investment banker pitching the next big thing.

The Long Game

This isn't a story about a failed experiment. It's a case study in strategic patience. The government built the infrastructure—Chivo wallets, Bitcoin ATMs, legal tender status. Adoption was always going to be a marathon, not a sprint, especially when you're rewriting a nation's financial plumbing. The sky-high approval suggests the public is willing to wait, trusting the vision over the current velocity.

A New Blueprint?

El Salvador’s move forced every finance minister on earth to at least consider the crypto question. It proved a country could bet its reputation on a decentralized asset without immediate, widespread domestic use. The approval rating is the ultimate metric, overshadowing short-term adoption stats. It turns out, citizens might value national prestige and a break from the IMF's playbook more than their own crypto balances—for now.

Final thought: When your approval rating brushes against 92%, who needs everyone to use the app? The real asset was never in the wallet; it was in the polling data. A lesson Wall Street's hype machines have known for decades.

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.

¿O sea que ahora son el 1.8%? pic.twitter.com/TG9Bi4jhJ1

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.