Bukele Says Bitcoin Adoption in El Salvador Is Slow But Impactful

Bitcoin Adoption in El Salvador: Slow But Intentional

President Nayib Bukele’s initiative to make Bitcoin legal tender in El Salvador has drawn global attention, but the anticipated widespread adoption hasn’t fully materialized. Bukele attributes the slower-than-expected uptake to the fact that Bitcoin usage in the country is entirely voluntary. In a recent interview, he shared his thoughts on the nation’s journey with digital currency.

While Bitcoin is accepted by many businesses and individuals in El Salvador, overall adoption hasn’t reached the levels originally expected. Bukele explains that this is because the government has never forced Bitcoin on anyone, instead offering it as an option for those who choose to use it.

“You can pay with Bitcoin at places like McDonald’s, supermarkets, or hotels,” Bukele noted. “The adoption hasn’t been as high as we hoped, but the positive side is that it’s always been voluntary. We never imposed it on anyone. Those who decided to use it have benefited from Bitcoin’s price increases.”

Enhancing Bitcoin Awareness Through Education

To improve Bitcoin adoption, El Salvador has focused on education. The government has launched a training program aimed at educating 80,000 public servants about Bitcoin, with the goal of increasing awareness and usage across the country. Stacy Herbert, Director of the Bitcoin Office, is spearheading this initiative, which includes the development of a specialized Bitcoin Module at El Salvador’s Higher School of Innovation in Public Administration.

Despite the slower pace of adoption, Bukele remains hopeful about Bitcoin’s financial benefits. He points out that early adopters of Bitcoin in El Salvador have seen significant financial gains, and he believes that those who choose to adopt it now may also benefit in the future.

“Those who invested in Bitcoin early have seen substantial profits,” Bukele said. “Thank God for that. For those who didn’t use it, they missed out on those gains. But if they decide to use it now, they could still profit in the future. This is a free country, and the choice is theirs.”

Bitcoin’s Broader Impact on El Salvador and Beyond

Bukele also highlighted the financial success of the government’s Bitcoin investment. El Salvador’s initial $135 million investment in Bitcoin has grown significantly, with the country now holding 5,857.75 BTC, currently valued at over $345 million according to data from the Bitcoin Office.

However, Bukele emphasized that Bitcoin’s impact goes beyond financial returns. He pointed to increased engagement from major financial institutions and other countries, which are now taking Bitcoin more seriously in their economic strategies.

“Bitcoin has brought financial inclusion to many people and profit to others,” Bukele said. “It’s also brought profit to the country. The fact that major Wall Street companies are now involved—something that seemed impossible three years ago—shows its influence. Some countries are already holding Bitcoin reserves or investing in Bitcoin mining. It’s even becoming a topic of debate in the US presidential campaign.”

Despite some criticism and the slower adoption rate, Bukele views Bitcoin’s influence in El Salvador as overwhelmingly positive. He referenced a report from the International Monetary Fund, which noted that the risks initially associated with Bitcoin adoption in El Salvador have not materialized.

On the global stage, Bukele continues to advocate for the use of cryptocurrencies, particularly Bitcoin, as a means to drive economic and technological development in El Salvador. His government has also proposed ambitious projects, such as Bitcoin City, a plan to create a city powered by geothermal energy from volcanoes, aimed at becoming a global hub for cryptocurrency.