El Salvador President Nayib Bukele Pushes Bitcoin, or Is It More a PR Strategy
According to Golden Finance, Vera Bergengruen, a reporter for Time magazine, claims that Salvadoran President Nayib Bukele's push for Bitcoin as legal tender is primarily for public relations, not for actual economic improvement. Bukele's advisors have called the Bitcoin introduction a "great rebranding," aimed at changing the world's perception of El Salvador. Since the 2021 announcement of Bitcoin legalization, the policy has sparked chaos, forcing Bukele's team to promote Bitcoin's potential benefits.
Bukele has proposed building a volcano-powered "Bitcoin City," but the project remains unfinished. He also regularly discusses purchasing Bitcoin with state funds, currently holding about $400 million in a "public wallet." Bukele will remain president until 2029.