Originally published on: September 12, 2024
In a recent revelation by a TIME Magazine reporter, it was suggested that El Salvador’s President Nayib Bukele’s decision to adopt Bitcoin as legal tender was more about public relations than actual substance. The reporter, Vera Bergengruen, who conducted an interview with Bukele, claimed that his advisers referred to the move as a “great rebranding” and a “complete PR move.”
Bukele, who previously worked in his family’s PR firm before entering politics, has been criticized for his focus on image over results. According to Bergengruen, everything Bukele does seems to be oriented towards improving his image first, with results coming later.
The decision to recognize Bitcoin as legal tender in El Salvador drew attention to the country and its president, with many in the crypto industry monitoring the developments closely. However, according to Bergengruen, the move was met with chaos initially, and Bukele’s team had to work to promote the potential benefits of Bitcoin, such as foreign remittances.
While Bukele’s initial plans for a volcano-powered “Bitcoin City” in El Salvador have not come to fruition, the president has been vocal about purchasing BTC with the country’s funds. Bergengruen’s interview revealed that El Salvador reportedly holds around $400 million in its “public wallet” alone.
Despite the criticism and controversy surrounding his Bitcoin adoption, Bukele is set to serve as El Salvador’s president until 2029. His strategies and decisions continue to shape the country’s economic landscape, with both supporters and critics closely watching his every move.
