President Bukele of El Salvador Promotes Bitcoin: Public Relations Strategy Trumps Substantive Economic Impact
Publication Time:2024-09-13 06:56:10
Under the push of President Nayib Bukele of El Salvador, Bitcoin was introduced as legal tender in the country. However, Vera Bergengruen, a reporter for TIME magazine, believes that this move is more about public relations purposes, aiming to reshape the perception of El Salvador rather than based on substantive economic considerations. Even the advisors of Bukele consider this measure as a 'great rebranding,' intended to increase the country's recognition and attractiveness globally. Since the announcement of Bitcoin becoming legal tender in 2021, this policy has triggered a series of chaos, making the Bukele team frequently promote the potential benefits of Bitcoin. Bukele himself once proposed plans to build a 'Bitcoin City' powered by volcanoes; however, the project has yet to see any substantial progress. Additionally, Bukele often mentions using state funds to purchase Bitcoin, with claims that there is currently a public wallet account holding about $400 million worth of Bitcoin. Nevertheless, Bukele will continue to serve as president until 2029, during which how he balances this controversial policy with the country's actual economic needs will be a focal point of external attention. Overall, the actions of the Salvadoran government in the Bitcoin domain lean more towards enhancing national image through public relations means rather than pursuing actual economic benefits. This strategy faces numerous challenges and uncertainties in the complex environment of the global cryptocurrency market.
Bitcoin
El Salvador
President Nayib Bukele
Economic Impact
Public Relations Strategy