President Nayib Bukele of El Salvador has acknowledged that the country’s push to adopt Bitcoin hasn’t met the expectations they originally had.
The less walked path
President Bukele was featured on the cover of TIME magazine, and in the interview, he shared that while Bitcoin has been an integral part of El Salvador’s economic growth, the rate at which people have adopted the cryptocurrency has been visibly less than anticipated.
Bitcoin played, and playing an important role in daily transactions for many Salvadorans.
As Bukele highlighted, the government never forced the population to use Bitcoin but offered it as a choice, but he didn’t deny they hoped for a higher adoption rate.
After all, he remains proud of the country’s freedom to choose.
“It hasn’t had the adoption we expected. I expected more adoption, definitely, but we always prided ourselves on being a free country, free in every way.”
There are benefits, regardless of adoption rate
Bukele told that Bitcoin had a positive impact on the country, even if the adoption hasn’t met their expectations.
The president pointed out that the cryptocurrency has enhanced El Salvador’s global image, attracted investments, and boosted tourism in a big way.
And also worth to mention, while the situation could be better, yes, the slower-than-expected adoption hasn’t led to any negative consequences.
Instead, the association with Bitcoin has brought many advantages to the country, and there is still time to make improvements.
El Salvador made headlines in September 2021 when it became the first country in the world to adopt Bitcoin as legal tender.
This move positioned the country as a leader in the cryptocurrency scene. Now El Salvador holds around 5,858 Bitcoin as national reserve, valued at apx. $345.61 million.
The country continues to purchase 1 Bitcoin per day, with the goal of accumulating more before it becomes too expensive to buy with traditional currencies.
This strategy already made El Salvador one of the wealthiest countries in the world, in terms of Bitcoin reserves.
Bitcoin’s impact is undeniable
Bukele acknowledged that Bitcoin also brought both attention and criticism to El Salvador, likely because the country’s early adoption of Bitcoin was a strategic, but risky move that gives them an advantage.
There are some setbacks, but Bukele remains hopeful about the future of Bitcoin in El Salvador, though he admits that the overall success of the initiative has been less than spectacular.
„I feel that it could have been much better. I wouldn’t consider it a resounding success.”
