- El Salvador’s president, Nayib Bukele, has admitted that the country’s Bitcoin adoption hasn’t reached the levels he initially hoped for
- Bukele attributed the limited adoption to the voluntary nature of Bitcoin usage
- Despite this, he acknowledged that Bitcoin adoption has brought benefits like increased investment and tourism
El Salvador’s President Nayib Bukele has admitted that Bitcoin hasn’t taken off in the country as much as he had hoped when it became legal tender in 2021. In an interview with Time, Buekele said that Bitcoin “hasn’t had the widespread adoption we hoped for,” which he attributed to the fact that usage was voluntary rather than enforced. Bukele, who is known for his ambitious policies, acknowledged that the country’s adoption of Bitcoin has brought several benefits to the country, including outside investment and tourism.
Boosts in Tourism and Outside Investment
In the lengthy interview, which touched on multiple areas, including El Salvador’s economic situation and the perception from others that he is a dictator, Bukele admitted that “a lot more could definitely be done” to increase adoption since it was made an additional sovereign currency three years ago:
Bitcoin hasn’t had the widespread adoption we hoped for. Many Salvadorans use it; The majority of large businesses in the country have it. You can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin. It hasn’t had the adoption we expected. The positive aspect is that it is voluntary; we have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin.
President Bukele highlighted that the adoption of Bitcoin has brought significant international attention to El Salvador, attracting investments and boosting tourism, pointing out that the country’s early move into cryptocurrency has positioned it as a “First Mover” in a space now being explored by major financial institutions globally.
Wearing a dark suit to look more “authoritarian” 😌
Full interview: https://t.co/dXR5eVmsM1
Entrevista completa en español: https://t.co/wGWW9ZgdoO pic.twitter.com/ViGBkIJ3JU
— Nayib Bukele (@nayibbukele) August 29, 2024
El Salvador’s Bitcoin Purse Swells
Bukele also noted that individuals who followed the country’s lead and invested in Bitcoin have personally benefited:
Moreover, those who saved in Bitcoin when we launched it must have made a lot of money. Thank God for that. It’s good that people have those earnings. Those who decided not to use it did not have those gains. If they use it now, they will probably have gains in the future. If they do not want to use it, this is a free country. I expected more adoption, definitely, but we always prided ourselves on being a free country, free in every way.
Bukele, who is serving his final term in office, also outlined how the country as a whole has benefited from Bitcoin, given that its $135 million investment is now worth $400 million, a return bettered only, perhaps, by Michael Saylor.
