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Bitcoin rollout in El Salvador was a PR move

Three years ago, El Salvador put itself in the political spotlight when it declared Bitcoin legal tender.

By Finst News
• 2 min read
Bitcoin rollout in El Salvador was a PR move

Three years ago, El Salvador put itself in the political spotlight when it declared Bitcoin legal tender. As a adviser to President Nayib Bukele told a Time reporter, this was mainly a “PR move”.

The adoption of Bitcoin has given the country a great rebranding. But the economic effects were smaller than expected. Bukele himself recently admitted: “The adoption is not as high as we had hoped”. More on this here.

According to the report, tourism was the main beneficiary. The investments were a bold move for the budget. In the meantime, the expenditures have paid themselves back thanks to rises in the Bitcoin price.

With Nayib Bukele, formerly a PR manager himself, the country, which had one of the highest crime rates in the world, is undergoing an image makeover. The president takes a hard line against gang violence. The crime statistics have now fallen significantly. Human rights organizations, however, accuse the government of mass violations of basic rights.

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