Bitcoin, techno-utopianism and populism: Unveiling Bukele’s crypto-populism in El Salvador’s adoption of Bitcoin

Citation: Boos, Tobias (2024): Bitcoin, techno-utopianism and populism: Unveiling Bukele’s crypto-populism in El Salvador’s adoption of Bitcoin. In: Economy and Society, Routledge, 0 (0), 1–24. doi.org/10.1080/03085147.2024.2407227

Abstract
In 2021, President Nayib Bukele introduced Bitcoin as legal tender in El Salvador. This paper examines the relationship between right-wing populism and Bitcoin. Through textual and visual analyses, the paper shows how Bukele weaves the promises and techno-utopian ideology surrounding Bitcoin into classic populist narratives. Adopting Bitcoin adds the promise of technology-driven development and the realization of a techno-utopia to the populist narrative template, allowing Bukele to construct a populist myth of himself as a tech-savvy visionary. This brand of crypto-populism represents a novel addition to the right-wing populist repertoire, capitalizing on the promises of an ongoing digital revolution.

UNU-WIDER Working Paper "The political economy of Bitcoin as legal tender in El Salvador. Temporary Bandages for Permanent Wounds?"

Citation:
Boos, T. , Grigera, J. (2023): The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?. WIDER Working Paper 2023/136. Helsinki: UNU-WIDER. https://doi.org/10.35188/UNU-WIDER/2023/444-1

Abstract
This paper provides a contextual analysis of the adoption of Bitcoin as legal tender in El Salvador. First, it outlines the historical context and political situation of the period 2019–24, providing background for the passage and implementation of the Bitcoin law (Decree No. 57). It identifies the institutional and political context along with key areas of contention. It then examines the macroeconomic context of El Salvador, detailing fundamental economic features and how they connect to currency issues. The analysis reveals that Bitcoin adoption is deeply intertwined with tensions around dollarization, remittances, and foreign debt. The paper concludes with hypotheses on the potential dynamics and future of Bitcoin as legal tender in El Salvador, extending beyond President Bukele's tactics.