El Salvador's two main opposition parties named their candidates for the February 2027 presidential election. The Nationalist Republican Alliance (ARENA) picked former lawmaker Maytee Iraheta, while the Farabundo Marti National Liberation Front (FMLN) tapped physician and union leader Rafael Aguirre. Both candidates will challenge President Nayib Bukele's third-term bid. Neither rival has embraced Bukele's Bitcoin strategy, with both campaigns openly criticizing it as a fiscal failure. Bukele remains broadly popular after six years in office, with one national poll showing a 94 percent approval rating driven primarily by crime reduction rather than cryptocurrency policy.
Bukele Nominated for Third Term Amid Legislative Imbalance
Bukele's Nuevas Ideas party nominated him this month. His running mate remains Vice President Felix Ulloa. For ARENA, the ticket marks a historic first, with Iraheta and her running mate forming the party's first all-female pairing. Neither party has proposed a rival Bitcoin policy, and both would need a broader coalition to challenge Bukele's strategy in Congress. ARENA holds just two seats in the Legislative Assembly, and the FMLN has had none there since 2024. Whoever wins in February will govern until 2033. Only 2.2% of Salvadorans call Bitcoin his biggest failure, according to one recent poll.
Bitcoin Loses Mandatory Legal Tender Status After IMF Loan Agreement
Bitcoin is no longer a mandatory legal tender in El Salvador. Following a $1.4 billion International Monetary Fund (IMF) loan agreement in February 2025, the government removed the requirement for businesses to accept the token. This pivot effectively returned the US dollar to its status as the nation's sole official currency for everyday commerce. Still, the National Bitcoin Office kept buying roughly one BTC per day. The government boosted its gold reserves in January. The IMF has repeatedly warned that the Bitcoin push carries fiscal and governance risks. It has also been said that the strategy has not measurably improved financial inclusion for unbanked Salvadorans.
El Salvador Holds 7,730 BTC as of July 27
El Salvador's own Bitcoin Office tracker shows holdings climbing to roughly 7,730 BTC as of July 27. That is up from about 7,700 BTC a month earlier, a steady daily staircase that confirms Bukele's one-BTC-a-day pledge is still active. Bitcoin trades near $65,300. The token remains roughly half its October 2025 record above $126,000. That decline already erased nearly $300 million from the state's holdings earlier this year. February's vote will settle the matter. The next administration, whoever leads it, will decide whether that accumulation continues or comes to a halt.
FAQ
Who are the opposition candidates in El Salvador's 2027 presidential election?
The Nationalist Republican Alliance (ARENA) nominated former lawmaker Maytee Iraheta, and the Farabundo Marti National Liberation Front (FMLN) nominated physician and union leader Rafael Aguirre for the February 2027 election.
What happened to Bitcoin's legal tender status in El Salvador?
Following a $1.4 billion IMF loan agreement in February 2025, the government removed the requirement for businesses to accept Bitcoin. The US dollar effectively returned as the nation's sole official currency for everyday commerce, though the National Bitcoin Office continues buying roughly one BTC per day.
