El Salvador’s risky attempt to make Bitcoin legal currency has not lived up to all of President Nayib Bukele’s hopes at first. Bukele recently said in an interview that Bitcoin usage has been good, but it hasn’t reached the level of general use he had hoped for.
Bukele agreed that Bitcoin has had a good effect on the country, but he also said that it hasn’t been used as much as he had hoped. A lot of people in El Salvador use Bitcoin, and big companies accept it, but it hasn’t caught on as much as Bukele thought it would. He made it clear that using Bitcoin is still up to people and that the government has not made people do it.
Since Bitcoin became legal in El Salvador in September 2021, the country has put money into a number of projects, such as a national Bitcoin wallet and a Bitcoin mining project powered by a volcano. To encourage people to use Bitcoin, the government even gave out free Bitcoins at the start.
Bukele agreed that the rate of growth has been slower than expected, even with all of these attempts. He did say, though, that Bitcoin has helped the country’s image, brought in foreign investment, and increased tourists. Even though there are problems right now, Bukele is still positive about Bitcoin’s future.
