Bukele Advisers Claim BTC Adoption Was a 'Complete PR Move

September 13, 2024 08:31 PM AEST | By Team Kalkine Media

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Bukele Advisers Claim BTC Adoption Was a 'Complete PR Move — Image source: shutterstock

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A recent interview with TIME Magazine’s Vera Bergengruen has cast new light on El Salvador President Nayib Bukele’s push for Bitcoin as legal tender. Released on September 11, the interview revealed insights from Bukele’s advisers, who described the Bitcoin initiative as a strategic public relations move rather than a genuine economic overhaul.

Bergengruen, who conducted one of the first foreign interviews with Bukele in three years, reported that the president’s advisers viewed the adoption of {Bitcoin} (BTC) as a “great rebranding” effort. They characterized it as a “complete PR move,” aimed at reshaping El Salvador’s international image. Bukele, who previously led his family’s public relations firm before entering politics, has a history of prioritizing image and perception, according to Bergengruen.

The interview highlighted that the Bitcoin adoption was not genuinely intended to transform Salvadorans' economic conditions. Instead, it appears to have been designed to provide Bukele with a high-profile initiative to promote internationally. Bergengruen noted that, from the outset, there was significant chaos surrounding the implementation of Bitcoin as legal tender, with Bukele’s team scrambling to emphasize benefits like enhancing foreign remittances.

In 2021, Bukele made headlines with his announcement to recognize Bitcoin as legal tender, a move that attracted considerable attention within the crypto community. However, the implementation of the plan has faced numerous challenges. Initially, Bukele proposed the creation of a “Bitcoin City” powered by volcanic energy, but the project has not materialized as anticipated. Bukele has frequently shared updates on social media about purchasing Bitcoin, claiming approximately $400 million in the country’s public wallet.

The interview suggests that while the Bitcoin initiative may have successfully shifted international perceptions of El Salvador, its impact on the country's economic realities remains uncertain. Bukele is set to continue serving as El Salvador’s president until 2029, with ongoing scrutiny of his strategies and their effectiveness.

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