There’s Trouble in El Salvador’s Bitcoin Paradise

Between the growing authoritarianism of his government and the massive popular pushback to his absurd new Bitcoin law, the honeymoon for El Salvador’s young, self-styled “disrupter” president Nayib Bukele is over.

President Bukele And U.S. Ambassador Johnson Hold Joint Press Conference

President Nayib Bukele speaking during a press conference in San Salvador, 2020. (Fred Ramos / Bloomberg via Getty Images)


At forty years old, El Salvador’s millennial millionaire president has projected an international image as a youthful and irreverent Silicon Valley–style disrupter. Nayib Bukele made headlines by snapping a selfie during his first address at the United Nations, then made his country the only in the world to adopt Bitcoin as legal tender.

But beneath this vacuous techbro veneer, Bukele’s government has a deeply authoritarian character. The president, who has enjoyed persistently high approval ratings despite his unconstitutional consolidation of executive power, now faces a growing opposition movement amid deepening economic and political crises.

Techbro Authoritarianism

Bukele campaigned as a post-ideological anti-corruption crusader against a decadent political class. His youthful and irreverent image, together with a formidable family war chest and digital media savvy, helped him unseat the leftist Farabundo Martí National Liberation Front (FMLN), the party of the post-Salvadoran civil war demobilized insurgency, which governed for two terms from 2009–19. Bukele, who rose to prominence as an FMLN mayor, soon turned on his former party, weaponizing the oligarchic right’s relentless destabilization campaign against the governing left for his own benefit.

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