El Salvador’s Bitcoin Adoption Was ‘Pure PR,’ Advisers Told TIME Journalist

TIME Magazine’s Vera Bergengruen recently offered insights into El Salvador’s President Nayib Bukele and his promotion of Bitcoin as legal tender. In an interview with Pod Save the World, Bergengruen revealed that Bukele’s embrace of Bitcoin was described by his advisors as a “great rebranding” and a strategic “PR move.” Her remarks highlight how Bukele, who led a public relations firm before entering politics, is more focused on image than results.

Bergengruen said, “I think the most important thing […] is his past as a publicist. It’s important to understand from Bitcoin to the war on the gangs, everything he does he’s kind of image first, results later oriented.”

According to Bergengruen, Bitcoin wasn’t intended to significantly improve El Salvador’s economic situation. Instead, it appeared to serve more as a way to shift attention and create a new narrative for the country.

Bitcoin’s Role in Bukele’s Strategy

Bukele’s decision to adopt Bitcoin gained global attention in 2021, marking the first time a nation recognized the cryptocurrency as legal tender. This surprise announcement forced Bukele’s team to promote the potential benefits of Bitcoin, including its use for foreign remittances. However, Bergengruen noted that the initiative was chaotic from the start, with many people, including locals, left uncertain about its real impact.

“It was very obvious that it was kind of for tourists, for foreigners, for [Bukele] to have something to talk about that changes the narrative. If that was the goal, they have been successful,” she added. Despite efforts to launch ambitious projects like the volcano-powered “Bitcoin City,” progress has been slow.

Bukele, who frequently updates social media about his Bitcoin purchases, claimed to have roughly $400 million in the country’s public crypto wallet. As El Salvador’s president until 2029, his Bitcoin experiment remains under global scrutiny.