When President Nayib Bukele announced in June 2021 that El Salvador would adopt Bitcoin as legal tender, it sent shockwaves around the world. The law officially came into effect on September 7 of that year.
Since then, the country has remained committed to Bitcoin, despite going through some rather difficult times.
But TIME reporter Vera Bergengruen, who recently spoke with Bukele, said the decision was not intended to improve the economy. It was, she said, a publicity stunt.
While cryptocurrency enthusiasts around the globe celebrated the news, many Salvadorans were uncertain about it.
Bitcoin implementation has some serious technical problems and most people do not have the technology or knowledge needed to use it properly.
The government even tried offering a $30 bonus on their Chivo wallet app to get more people on board, but it didnât really work. Adoption rates remain low.
But Bukele remains hugely popular at home, his tough approach to crime and corruption winning support from people who have faced decades of violence and unrest.
By cracking down on gangs and corrupt officials, he has reduced the murder rate, bringing relief to many Salvadorans.
His hardline tactics have not gone unnoticed in the United States either. Some Republicans admire his authoritarian streak and anti-establishment stance.
They see a leader who is not afraid to make bold decisions, even if it means bending the rules of democracy a little.
Bukele also bypassed traditional media and spoke directly to the people through social media, often accusing the mainstream media of bias.
Vera points out that Bukele's popularity comes from actually accomplishing things where others have failed. The people of El Salvador are fed up with empty political promises.
Sure, his methods can be controversial, but for many, the results are more important than the process.
But Bukele's approach to governance is raising serious red flags. His tight control of the media and persistent crackdown on dissent are raising concerns about the future of democracy in the country.
In May 2021, the Legislative Council, controlled by his party, dismissed the attorney general and several Supreme Court judges, a move widely criticized as an attack on the country's democratic system.
Bukele's concentration of power threatens the checks and balances necessary for a healthy democracy. Journalists trying to report independently face harassment, and opposition voices are being silenced.
There are real concerns that El Salvador could slide towards dictatorship under his leadership.
In Argentina, another political outsider is shaking things up. Economic President Javier Milei has won a lot of support with his radical liberal ideas.
Milei's appeal stems from his outsider status and his aggressive approach to fixing Argentina's struggling economy. He is here to dismantle the central bank and cut government spending.
Argentina was facing severe economic turmoil, with inflation running at around 50%. Disillusioned voters fed up with the old political system were drawn to Milei's ideas.
Republicans see him as a potential ally against leftist efforts in Latin America, believing his liberal policies could counterbalance the influence of socialism in the region.
Linking up with leaders like Milei could change how the United States handles trade and security issues in the region, while improving diplomatic relations between the two sides.
Vera also spoke about the recent Justice Department indictment uncovering Russian financial support for right-wing influencers in the US.
The indictment says Russia used money to fund these influencers as part of a larger effort to undermine American democracy.
Vera explains why Russian influence tends to have a greater impact in smaller countries. These countries often have less stable political systems and fewer resources to resist foreign interference.
They are therefore easier targets for alleged Russian manipulation. By focusing on these vulnerable countries, the country expands its geopolitical reach.
