Salvador's Bitcoin Push: PR Stunt or Economic Savior?

According to Time Magazine reporter Vera Bergengruen, Salvadoran President Nayib Bukele's adoption of Bitcoin as legal tender was primarily a public relations move rather than a genuine attempt to improve the country's economy.

Bukele's advisors have described the Bitcoin introduction as a "great rebranding," aimed at changing the world's perception of El Salvador. Since declaring Bitcoin legal tender in 2021, the policy has generated chaos, forcing Bukele's team to constantly tout its potential benefits.

Bukele had proposed building a "Bitcoin City" powered by geothermal energy from volcanoes, but the project remains incomplete. He also regularly discusses using state funds to purchase Bitcoin, with the "public wallet" currently holding about $400 million. Bukele will remain in office until 2029.