Bitrabo Editorial
The president of El Salvador, Nayib Bukele, recently spoke with TIME about the outcomes of his initiative to establish the country as a significant player in the world of Bitcoin. While he acknowledged that the adoption has fallen short of expectations, he stressed that the overall impact has been positive.
Bitcoin Adoption in El Salvador
Reflecting on the success of Bitcoin adoption in the country, Bukele expressed a mixed sentiment stating that more could be achieved. While many individuals and large businesses in El Salvador accept Bitcoin for transactions, the widespread adoption originally envisioned has not fully materialized.
Bukele emphasized that the use of Bitcoin in El Salvador is voluntary, with no coercion involved. He highlighted the benefits reaped by those who have chosen to embrace Bitcoin, particularly in terms of the cryptocurrency’s increasing value over time.
Remaining Positive Amidst Challenges
In response to concerns about his government’s handling of public protests, Bukele affirmed El Salvador’s commitment to freedom of expression without resorting to violent means. He highlighted this commitment to freedom in the context of Bitcoin, considering it as an option rather than a mandatory choice for Salvadorans.
The President shared that El Salvador has invested around $135 million in Bitcoin, holding a significant amount in its public wallet. Bukele mentioned the financial benefits to the government resulting from this investment, along with the attention and investments garnered from major Wall Street entities.
Despite facing obstacles, Bukele remains optimistic about Bitcoin’s potential to enhance financial inclusion, boost tourism, and attract investments. The adoption of BTC in El Salvador has initiated discussions in other nations, with some countries also considering holding Bitcoin reserves, demonstrating a global shift in attitudes toward cryptocurrencies.
As of the latest data, Bitcoin is trading at $56,680, indicating a slight decrease from its daily peak of $61,110. While the cryptocurrency has not yet approached its all-time high of $73,700 registered in March, it has experienced increased volatility in recent months and retraced nearly 20% over the last six months according to CoinGecko data.
Featured image courtesy of DALL-E, chart from TradingView.com