Bitcoin Support in El Salvador is PR Strategy Over Substance, Claims TIME Reporter

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In a recent interview, Vera Bergengruen, a TIME Magazine reporter who conducted one of the first foreign correspondent interviews with El Salvador President Nayib Bukele in three years, suggested that the country’s Bitcoin adoption may be more about image than real economic reform.

Speaking on Crooked Media’s Pod Save the World podcast, Bergengruen revealed that Bukele’s advisors had referred to the Bitcoin initiative as part of a “great rebranding” and “complete PR move.”

Nayib Bukele’s Global Presence

Bukele, who served as a publicist before entering politics, first captured global attention in 2021 when he announced plans to make Bitcoin legal tender in El Salvador. However, Bergengruen’s interview casts doubt on whether the move was ever truly intended to address the nation’s economic issues. Instead, the Bitcoin rollout was more about crafting a narrative that painted Bukele as an innovative leader on the global stage.

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According to Bergengruen, Bukele’s public relations background has deeply influenced his political style, with much of his agenda focused on creating a powerful public image. “It’s important to understand from Bitcoin to the war on gangs, everything he does is image first, results later,” Bergengruen noted. She went on to add, “[Bitcoin] was never really meant to be adopted to change Salvadorans’ economic situation.”

Bitcoin: A Tourism Attraction in El Salvador?

When Bukele announced Bitcoin’s legal tender status, it came as a surprise to both the crypto industry and the people of El Salvador. As Bergengruen reported, his team had to quickly scramble to sell the benefits of Bitcoin adoption, particularly its potential impact on remittances from Salvadorans abroad.

Despite initial excitement, Bergengruen stated that the implementation was chaotic from the start. “It was very obvious that it was kind of for tourists, for foreigners, for [Bukele] to have something to talk about that changes the narrative,” she said.

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Though Bukele has been vocal about plans like creating a “Bitcoin City” powered by geothermal energy from volcanoes, the initiative remains incomplete more than three years later. Meanwhile, the president frequently posts on social media about using national funds to purchase Bitcoin. Bergengruen noted that Bukele claimed to have around $400 million in the country’s public Bitcoin wallet.

While Bukele’s term runs until 2029, questions remain over whether his Bitcoin move will yield tangible benefits for the people of El Salvador—or if it will simply stand as an alleged PR strategy.