Salvdor's Bitcoin Adoption Seen as "Branding Exercise" to Re-Shape International Image

A Time magazine reporter, Vera Bergengruen, has revealed that President Nayib Bukele's advisors view El Salvador's adoption of Bitcoin as a "great rebranding" and "thorough PR exercise" aimed at "shifting the international perception of the country." Prior to entering politics, Bukele briefly ran his family's public relations firm, later becoming the mayor of Nuevo Cuscatlán, then the mayor of San Salvador, and ultimately the president of El Salvador.

"I think the most important thing is... his past experience as a PR person," said Bergengruen, speaking about Bukele. "It's important to understand that everything he does, from Bitcoin to fighting gangs, is about image first and then results."

Since declaring Bitcoin legal tender in 2021, the policy has caused turmoil, forcing Bukele's team to promote Bitcoin's potential benefits. Bukele proposed building a volcano-powered "Bitcoin City," but the project remains incomplete. He also regularly discusses using state funds to purchase Bitcoin, with approximately $400 million worth of Bitcoin currently in the "public wallet." Bukele is set to continue serving as president until 2029. (Cointelegraph)