El Salvador's President, Nayib Bukele, has been a vocal proponent of Bitcoin, making it legal tender in the country in 2021. However, in a recent interview with TIME magazine, Bukele admitted that Bitcoin adoption has not met the government's expectations.
Adoption Lower Than Expected
Bukele acknowledged that fewer Salvadorans than anticipated are using Bitcoin. "Bitcoin hasn't had the widespread adoption we hoped for," he said. Despite the lower-than-expected adoption, Bukele emphasized that using Bitcoin remains voluntary, with no government mandates forcing citizens to adopt the cryptocurrency.
Government's Bitcoin Policy
In 2021, Bukele announced that Bitcoin would become legal tender alongside the U.S. dollar, making El Salvador the first country in the world to do so. Businesses were required to accept Bitcoin if they had the technological means. Despite these efforts, many businesses, especially smaller ones, have been slow to adopt the cryptocurrency.
Continued Support and Optimism
Despite the slow adoption, Bukele remains optimistic about Bitcoin's potential benefits for Salvadorans, especially as a long-term investment. He noted that citizens were gifted $30 in Bitcoin in 2021 and suggested that those who hold onto it might see future gains.
Bukele also mentioned that the Bitcoin experiment "could have worked better" but insisted it had not resulted in any negative outcomes for the country. The president continues to enjoy strong domestic support, largely due to his other policies, including a crackdown on violent crime.
Read more at Decrypt.
