Bukele approval hits 91.9% as El Salvador keeps buying BTC despite low public adoption
A recent Salvadoran poll of 1,200 respondents reports President Nayib Bukele’s approval rating at 91.9%, with 62.8% expressing strong support and only 1.8% strongly opposing. Rising approval is credited mainly to improved security and falling crime. The survey also highlights a persistent gap between official policy and consumer behaviour: although Bitcoin (BTC) remains legal tender and the government continues accumulating BTC, public adoption for everyday transactions is limited and far from replacing the US dollar. Negotiations with the International Monetary Fund (IMF) are ongoing. For traders, the combination of sustained government purchases, high political backing for BTC policy, and low retail uptake creates mixed signals for BTC price action — continued state accumulation may provide a steady bid, but weak domestic spending use reduces transactional demand and broader macro uncertainty tied to IMF talks could amplify volatility.
Neutral
Short-term: Neutral to slightly bullish — ongoing government BTC purchases create a consistent source of demand that can support price levels and reduce downside, but limited domestic adoption means no substantial increase in everyday transactional demand. Political backing reduces regulatory risk locally but does not directly expand market liquidity. Ongoing IMF negotiations introduce macro uncertainty that can trigger episodic volatility. Long-term: Mixed/neutral — sustained state accumulation and high political commitment keep BTC narrative active in El Salvador, which could support occasional price bids and speculative interest. However, slow retail adoption and reliance on dollar-denominated economy weaken a structural shift toward real-economy BTC demand. Overall, the news is unlikely to be a strong bullish catalyst by itself, but it may provide intermittent support while preserving event-driven volatility tied to policy and IMF outcomes.