The Latin America Advisory Group has landed a six-month $390K contract to provide PR services and communications advice to the Government of El Salvador.
The Miami-based firm will conduct outreach to the federal government, media and public and stress the importance of fostering a dialog between the US and El Salvador.
LAAG reports to the office of El Salvador president Nayib Bukele, the 40-year-old who came to power in 2019.
Bukele made financial news last September when El Salvador adopted bitcoin as its national currency.
Since adopting it as legal tender, the country has spent $85.5M on Bitcoin, including a $15M purchase this month.
The country paid an average of $47,500 per Bitcoin and the current price is $37,797, which translates into a 20.4 percent loss on its investment.
The International Monetary Fund on Jan. 24 recommended that El Salvador drop Bitcoin as its legal tender because it “entails large risks for financial and market integrity, financial stability, and consumer protection.”
LAAG’s contract calls for it to be paid $65K in US dollars via electronic transfer each month.