Bukele's Advisers Say Bitcoin Implementation Was 'Total PR Stunt' — TIME Journalist

In an interview for Crooked Media's "Pod Save the World" podcast, released on September 11, Bergengruen said that Bukele's advisers called the introduction of Bitcoin in El Salvador a "great rebranding" and a "total PR stunt." Before entering politics, Bukele spent time running his family's PR firm before becoming mayor of Nuevo Cuscatlán and San Salvador, and later president of El Salvador.

"I think the most important thing is his PR background," Bergengruen said of Bukele. "It's important to understand that from Bitcoin to the gang war, everything he does is about creating an image first, and the results come later."

Many in the crypto industry began paying attention to El Salvador and Bukele in 2021, when the president announced plans to make Bitcoin legal tender. According to Bergengruen, this came as a surprise to both the crypto community and the Salvadoran population, and Bukele's team had to "backpedal" and promote Bitcoin's potential benefits, such as remittances from abroad.

"It was chaos from the start, but they needed to at least create the appearance that this was actually going to benefit El Salvador," Bergengruen said. "It was very clear that this was aimed at tourists, at foreigners, so that Bukele would have a talking point that would change the perception of the country. If that was the goal, they succeeded."

Bukele also promoted a "Bitcoin City" project that would run on volcanic energy, but more than three years later the program has not been completed. He regularly posts on social media about El Salvador using the funds to buy bitcoin. According to Bergengruen, the president said the country had about $400 million in its "public wallet."

Bukele will remain president of El Salvador until 2029.