Analysis: The Salvadoran president promotes Bitcoin mainly for public relations effects

2024-09-13 08:17:49

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ChainCatcher news, Time magazine reporter Vera Bergengruen stated that El Salvador President Nayib Bukele's push for Bitcoin to become legal tender is primarily for public relations purposes, rather than substantial economic improvement.

Bukele's advisors described the introduction of Bitcoin as "a great rebranding," aimed at changing the external perception of El Salvador. Since the announcement of Bitcoin's legalization in 2021, the policy has caused chaos, forcing Bukele's team to promote the potential benefits of Bitcoin.

Bukele had proposed the establishment of a "Bitcoin City" powered by volcanoes, but the project has yet to be completed. He also regularly discusses using state funds to purchase Bitcoin, with approximately $400 million currently in the "public wallet." Bukele will continue to serve as president until 2029.

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