adoption is not widespread yet

Nayib Bukele, President of El Salvador, commented on his strategy regarding Bitcoin, expressing satisfaction with what has been achieved from 2021 to today. However, he adds that the adoption of BTC in the country is not yet as widespread as hoped. 

El Salvador and the strategy on Bitcoin: adoption is not yet as widespread as hoped

In an interview with TIME, Nayib Bukele, President of El Salvador, also commented on his strategy on Bitcoin, since it became the country’s legal currency in September 2021.

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To the question about the adoption of Bitcoin in El Salvador, Bukele replied that it is not yet widespread as hoped. Here are his words: 

“Bitcoin has not had the widespread adoption we hoped for. Many Salvadorans use it; most of the country’s large businesses have it. You can go to McDonald’s, a supermarket, or a hotel and pay with Bitcoin. It has not 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 increase in Bitcoin.”

This still uncertain result on the adoption of BTC is, according to Bukele, the result of a free decision that Salvadorans can make. 

The President highlighted the advantages in terms of profit that all citizens could have had, but he also boasted about having allowed El Salvador to be a free country. 

El Salvador and the adoption of Bitcoin as a free choice of the population

Continuing with his speech, then, Bukele stated that making Bitcoin the country’s legal tender was like offering Salvadorans one more option, but leaving them free to choose. And then he added:

“I will not say that it is the currency of the future, but there is a lot of future in this currency.”

In terms of earnings, then, the President stated that as a government, El Salvador has invested 135 million dollars in Bitcoin and that now it is a holder of 400 million dollars in Bitcoin just in the public wallet. 

In any case, Bukele is pleased with the impact that his Bitcoin strategy has brought to El Salvador. 

Among other things, the country would have gained in terms of brand, investments, and tourism, as well as a continuous global attention. For Bukele, in fact, being a “First Mover” is already a sign of small advantages but he adds that more could have been done. 

Trailblazer in the agreement with the IMF

In mid-August, El Salvador revealed itself as a pioneer in the agreement with the International Monetary Fund (IMF) which is implementing a softer approach towards Bitcoin and crypto. 

In fact, the IMF would have declared that there have been progress in the discussion with the government of El Salvador. Regarding Bitcoin, the IMF has explicitly recognized the need for further efforts to improve transparency and mitigate potential risks to fiscal stability. 

At the moment, there is no talk of total acceptance of BTC, but only of a softer approach by the IMF. 

In the past, in fact, the IMF had asked El Salvador to remove BTC and then had accused the queen of crypto of playing the game of criminals.