According to ChainCatcher, Time magazine reporter Vera Bergengruen said that Salvadoran President Nayib Bukele's push for Bitcoin to become legal tender is mainly for public relations effects rather than real economic improvements.
Bukele's advisors called the introduction of Bitcoin "a great rebranding" aimed at changing the outside world's perception of El Salvador. Since the announcement of Bitcoin legalization in 2021, the policy has caused confusion, forcing the Bukele team to promote the potential benefits of Bitcoin.
Bukele has proposed building a volcano-powered "Bitcoin city," but the project has yet to be completed. He has also regularly discussed buying Bitcoin with state funds, with about $400 million currently in the "public purse." Bukele will remain president until 2029.
