El Salvador’s Presidential Advisor: Bitcoin Adoption Is a “Rebranding” and “PR Move”

According to Vera Bergengruen, a journalist for Time magazine, advisors to Salvadoran President Nayib Bukele have called El Salvador’s adoption of Bitcoin a “great rebranding” and “a radical PR move” designed to “change the international community’s perception of the country,” according to Time magazine. Before entering politics, Bukele briefly headed his family’s PR firm before becoming mayor of Nuevo Cuscatlán, mayor of San Salvador, and president of El Salvador. “I think the most important thing is…his past as a PR guy,” Bergengruen said of Bukele. “It’s important to understand that everything he does, from Bitcoin to fighting gangs, is about image first and results later.” Since the announcement of Bitcoin legalization in 2021, the policy has caused confusion, leaving Bukele’s team to promote the potential benefits of Bitcoin. Bukele has proposed building a volcano-powered “Bitcoin city,” but the project has never been completed. He has also regularly discussed buying Bitcoin with state funds, and there are currently about $400 million in Bitcoin in the “public wallet.” Bukele will remain president until 2029. (Cointelegraph)