Salvadoran 2027 general election opposition candidates are announced, and Bukele’s Bitcoin strategy faces a political test

Salvador’s two major opposition parties officially nominated their presidential election candidates for February 2027, and both candidates have marked Nayib Bukele’s Bitcoin strategy as a fiscal failure.
(Background: El Salvador snapped up 1,090 BTC after investing $1e8 worth of Bitcoin, pushing total holdings to 7,500 BTC.)
(Additional context: Bitcoin President Bukele has successfully won re-election! El Salvador is solidifying its path toward converting BTC into fiat.)

Salvador’s two major opposition parties have officially nominated their presidential election candidates for February 2027, bringing political challenges to Bukele’s third term and his Bitcoin strategy. The Nationalist Republican Alliance (ARENA) put forward former lawmaker Maytee Iraheta, while the Farabundo Martí National Liberation Front (FMLN) nominated Dr. and union leader Rafael Aguirre.

Both candidates oppose the Bitcoin strategy

Both candidates criticized Bukele’s Bitcoin strategy: ARENA called it a “fiscal failure,” and the FMLN also said that the daily Bitcoin-buying plan is a waste of public funds.

Bukele’s New Ideas Party completed its nominations this month, with current Vice President Felix Ulloa as his running mate. ARENA also made history this time—Iraheta and her running mate form the party’s first all-female campaign slate.

Hidden concerns behind a 94% approval rating

The two parties face limited seats in the legislative assembly: ARENA has only 2 seats, and the FMLN has held no seats since 2024. Bukele’s recent polling shows an approval rating as high as 94%; according to a survey, only 2.2% of Salvadorans believe Bitcoin is his biggest mistake.

Bitcoin is not legal tender, but the buying plan continues

In February 2025, El Salvador reached a $1.4 billion loan agreement with the IMF, removing the mandatory requirement for companies to accept Bitcoin, and the U.S. dollar returned as the only official currency. However, the country’s Bitcoin Office continues to carry out the “buy about 1 BTC per day” plan.

According to data from the country’s Bitcoin Office tracker, as of July 27 El Salvador’s Bitcoin holdings had reached about 7,730 BTC, up steadily from roughly 7,700 BTC a month earlier, confirming that Bukele’s “1 BTC per day” commitment is still being carried out.

The wager the next president will inherit

Bitcoin’s current price is near $65,300, down nearly half from the $126,000 peak reached in October 2025. Earlier this year, a price pullback caused the country’s holdings to evaporate by nearly $300 million. The IMF has repeatedly warned that the Bitcoin strategy carries fiscal and governance risks, and has noted that the strategy has not yet significantly improved financial inclusion for unbanked Salvadorans.

The February election results will determine whether this Bitcoin accumulation continues or is halted by the new administration.