Bukele's Bitcoin adoption called a PR move by his advisers

A TIME Magazine correspondent has suggested that El Salvador President Nayib Bukele’s push for Bitcoin (CRYPTO:BTC) as legal tender was more about rebranding the country’s image than addressing its economic issues. 

In an interview with Crooked Media’s Pod Save the World on September 11, Vera Bergengruen reported that Bukele’s advisers referred to the Bitcoin adoption as a “great rebranding” and a “complete PR [public relations] move.”

Bukele, who led his family’s PR firm before entering politics, has often been described as “image first, results later,” according to Bergengruen. 

She explained, “[Bitcoin] was never really meant to be adopted to really change Salvadorans’ economic situation.” 

Instead, the move appears to have been aimed at changing the international narrative around El Salvador.

El Salvador’s announcement to recognise Bitcoin as legal tender in 2021 drew global attention, especially from the crypto community. 

However, Bergengruen mentioned that Bukele’s team had to quickly “backtrack” and promote potential benefits such as foreign remittances to justify the decision. 

She noted, “It was chaos from the start, but they needed to kind of at least pretend that it was really going to help El Salvador.” 

She added that the move seemed designed for tourists and foreign audiences to change the narrative around the country.

Bukele’s bold initiative included ambitious plans like a volcano-powered "Bitcoin City," but the project remains incomplete over three years later. 

Despite these setbacks, Bukele often touts the country’s Bitcoin purchases on social media. 

According to Bergengruen, he claims that El Salvador has about $400 million in its "public wallet alone."

While Bitcoin adoption has brought El Salvador significant international attention, its impact on the local economy remains uncertain. 

Bergengruen's insights suggest that Bukele’s Bitcoin strategy has been more about optics than substantive economic reform, achieving its goal of reshaping global perceptions of El Salvador. 

Bukele will continue his presidency until 2029, leaving more time to assess the outcomes of his Bitcoin policies.

At the time of reporting, the Bitcoin (BTC) price was $58,002.25.