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

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.