El Salvador and Bitcoin: President Bukele assesses the adoption of the digital currency

El Salvador and Bitcoin: President Bukele assesses the adoption of the digital currency

El Salvador's President Nayib Bukele, who recently appeared on the cover of Time Magazine, admitted that the country's adoption of Bitcoin has not met expectations, although his strategy has had a "net positive" effect on the economy.

Bitcoin plays a significant role in the daily transactions of many Salvadorans, but Bukele expected greater adoption. "No one has been forced to adopt Bitcoin, rather we have offered it as an option," he said.

Since the introduction of Bitcoin as legal tender in September 2021, El Salvador has invested in national reserves, which now stand at 5,858 BTC, equivalent to approximately $345.61 million.

Bukele has also committed to buying 1 BTC a day until Bitcoin becomes unavailable for regular fiat currencies.

Although El Salvador has faced criticism, Bukele claims the country is gaining positive attention as an "early mover" in Bitcoin adoption.

The president believes in Bitcoin's "great future" and stresses that its adoption will not only help build the country's brand, but also have positive impacts on tourism.

Despite a slight delay in adoption, the positives outweigh the negatives.