Salvadoran President Nayib Bukele's promotion of Bitcoin is more of a public relations strategy

"Time" magazine reporter Vera Bergengruen stated that Salvadoran President Nayib Bukele's push to make Bitcoin a legal currency is mainly for public relations effect, rather than substantial economic improvement. Bukele's advisors said the introduction of Bitcoin was "a great rebranding", aimed at changing the outside world's perception of El Salvador. Since announcing the legalization of Bitcoin in 2021, this policy has caused chaos, forcing Bukele's team to promote the potential benefits of Bitcoin. Bukele had proposed building a "Bitcoin City" powered by volcanoes, but the project has not been completed so far. He also regularly discusses using state funds to buy Bitcoins, currently about $400 million in the "public wallet". Bukele will continue to serve as president until 2029.