Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»“Bitcoin hasn’t been adopted as widely as we would have hoped,” said Bukele of El Salvador.
ADOPTION NEWS

“Bitcoin hasn’t been adopted as widely as we would have hoped,” said Bukele of El Salvador.

By Crypto FlexsAugust 30, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
“Bitcoin hasn’t been adopted as widely as we would have hoped,” said Bukele of El Salvador.
Share
Facebook Twitter LinkedIn Pinterest Email

El Salvador President Nayib Bukele, who passed a law making Bitcoin legal as a legal currency in the Latin American country, said such currency experiments have had mixed results so far.

“Bitcoin Bitcoin

+0.017%
“It hasn’t been as widely adopted as we had hoped. A lot of Salvadorans use it. Most of the big companies in the country have it,” Bukele said in a wide-ranging interview. Time Magazine To the question of whether Bitcoin monetization was “successful”

“The positive side is that it is voluntary. We have never forced anyone to adopt it. We have made it optional, and those who have chosen to use it have benefited from the rise of Bitcoin,” he added. “I expected more adoption, but we have always prided ourselves on being a free country, free in every way.”

On September 7, 2021, El Salvador became the first country to adopt Bitcoin as an alternative legal tender in an effort to digitize its economy and reduce its reliance on the U.S. dollar, the country’s most widely used currency, thanks to the so-called Bitcoin Law, which was passed during the height of the last bull market.

At launch, the government spent $75 million to distribute about $30 worth of Bitcoin to people who registered for the state-backed Chivo wallet. The country has also added Bitcoin as a long-term treasury asset and plans to build a nationalized Bitcoin mine powered by a volcano.

Bukele noted that “people who saved in bitcoin” are likely now seeing a decent return as the price of bitcoin approaches its all-time high. “Thank God for that. It’s good that people are getting that income. People who decided not to use it didn’t get that return,” he said.

“I wouldn’t say it’s the currency of the future, but there’s a lot of future in it,” Bukele said, noting the growing influence of Wall Street firms in the cryptocurrency industry and the fact that bitcoin has become a campaign issue in the U.S. election.

Bukele’s plans, which some praise as a “philosopher king” and others denounce as “authoritarian,” have drawn skepticism from domestic and international critics. Moody’s, for example, downgraded the country’s credit rating, citing Bukele’s fiscal policies. But Bukele said the International Monetary Fund (IMF) has softened its critical stance on the policies and pointed out the expected risks.It didn’t come true” .

Despite limited success in domestic adoption, Bukele noted that Bitcoin has improved El Salvador’s “branding,” attracted foreign investment, and led to a surge in tourism. Several Bitcoin companies have offices or headquarters in the country.

“Ultimately, I think being the ‘first mover’ gives us a small advantage. I think we could have done a lot better. I don’t think it’s a huge success,” Bukele said. “But I think the positives outweigh the negatives, and the issues highlighted are relatively minor.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025

Bybit Card Launches In Europe With Unmatched 20% Cashback

September 3, 2025

GiftlyCard.com Recognized As Verified And Secure By Independent Review Sites

September 3, 2025

Embodying “Simple Mining, Smart Gains” For Effortless Crypto Accumulation

September 3, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Cango Inc. Announces August 2025 Bitcoin Production And Mining Operations Update

September 2, 2025

BitMine Immersion (BMNR) Announces Release Of August Investor Presentation And Latest Video Message From Tom Lee, Chairman

September 2, 2025

Pioneering AI Visionary Vincent Boucher & AGI Alpha Announce A Meta‑Agentic AGI Jobs Marketplace Platform

September 2, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025

Bybit Card Launches In Europe With Unmatched 20% Cashback

September 3, 2025
Most Popular

Hashdex Amends Again S-1 for Nasdaq Crypto Index US ETF.

November 26, 2024

Cardano (ADA) Bulls works. Has a new upward relationship began?

February 18, 2025

Binance converted $1 billion of SAFU funds to USDC, which now accounts for 3% of circulating supply.

April 24, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.