In a recent interview In an interview with TIME, Nayib Bukele, the president of El Salvador and a supporter of bitcoin, assessed the impact of his plan to position the country as a hub for the largest cryptocurrency on the market. While he acknowledged that adoption has not met expectations, he emphasized that the overall results have been “clearly positive.”
Bitcoin in El Salvador
“Yes and no, definitely much more could be done,” Bukele said in response to the interviewer’s question about whether Bitcoin adoption in the country has been a success.
Bukele noted that while many Salvadorans and “most large companies” accept Bitcoin, allowing transactions at places like McDonald’s and hotels, the BTC Adoption What he imagined did not fully materialize.
However, the President stressed the voluntary nature of Bitcoin use in El Salvador, stating that no one has been forced to adopt it. Instead, those who have chosen to adopt Bitcoin have reaped the benefits of its use. increasing value.
As for financial gains, Bukele noted that Salvadorans who have saved in BTC since its inception have likely seen significant gains. “Thank God for that,” he noted, acknowledging the positive financial impact for those who have participated.
Optimism in the midst of challenges
During the interview, Bukele also addressed “misconceptions” surrounding his administration’s approach to governance, particularly regarding public protests.
Bukele said that El Salvador has maintained a stance of free expression, never resorting to tear gas or violence against protesters. This commitment to freedom, according to the President, extends to Bitcoinwhich he considers an option for Salvadorans rather than a mandate.
The President further explained that El Salvador has invested approximately 135 million dollars in Bitcoin, now tenure around $400 million in its public wallet.
This investment has not only benefited the government economically, according to President Bukele, but has also attracted international attention and investment, particularly from large Wall Street firms. “It has brought us a lot of positive attention,” Bukele said, acknowledging both the criticism and the benefits that the initiative has generated.
Despite the challenges, Bukele remains optimistic about Bitcoin’s potential to promote financial inclusion and encourage tourism and investmentHe noted that the adoption of BTC has sparked debates in other countries, with some now holding reserves in Bitcoin, indicating a shift in global attitudes towards cryptocurrencies.
At the time of writing, the market’s largest cryptocurrency is trading at $56,680, down from the daily high of $61,110 hit on Thursday but still up 1% on the 24-hour time frame.
Despite this, the cryptocurrency appears to be far from retesting its all-time high of $73,700 reached in March this year amid heightened volatility experienced over the past month, as it has since retreated nearly 20% over the past six months, according to CoinGecko. data.
Featured image of DALL-E, chart from TradingView.com
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