Is Bitcoin a Bust in El Salvador? Bukele Reveals the Truth!

• Major Salvadoran businesses accept Bitcoin, yet widespread public uptake and expected economic benefits have not fully materialized.
• Bukele’s governance, noted for reducing gang violence, also draws international criticism over human rights concerns.

President Nayib Bukele has shared insights on the country’s journey since adopting Bitcoin as legal tender in 2021. Bukele acknowledged that the adoption process has not progressed as swiftly as anticipated, although he described the outcomes to date as “positive.”

Despite not fully realizing the anticipated benefits, Bukele highlighted that major businesses in El Salvador, including supermarkets and restaurant chains, now accept Bitcoin as a payment method. However, the expected widespread adoption among the general populace has yet to fully materialize. 

As reported in Crypto News Flash, since taking office, President Bukele has attracted international attention for his controversial policies and distinctive leadership style. His administration has been praised for significantly reducing gang-related violence in El Salvador. However, it has also faced criticism for alleged human rights violations in its crackdown on organized crime.

Bukele commented on his reputation among some international observers and media, noting that being labeled as an “authoritarian” is a minor cost and an unpleasant tag that does not particularly disturb his sleep.

Addressing Bitcoin adoption specifically, Bukele conceded that more could be done to enhance its integration into Salvadoran daily life and economy. Despite a considerable segment of the population and key businesses using Bitcoin, the level of adoption still has a long way to go to meet initial expectations.

El Salvador’s economy remains heavily reliant on remittances from abroad and traditional sectors such as agriculture and tourism. The anticipated economic boom that some expected to follow the Bitcoin policy has not yet occurred.