Bitcoin Hasn’t Achieved the Widespread Adoption We Expected

August 30, 2024 07:57 PM AEST | By Team Kalkine Media

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El Salvador's President Nayib Bukele has acknowledged that the country’s integration of Bitcoin as legal tender has not met his initial expectations. In a recent interview with Time magazine, Bukele described the adoption of Bitcoin as a “net positive” for El Salvador but admitted that the anticipated benefits have not fully materialized.

Bukele indicated that Bitcoin has not achieved the widespread adoption he had envisioned. While many Salvadorans use {Bitcoin} (BTC) and major businesses—including McDonald’s, supermarkets, and hotels—accept it as a form of payment, the overall uptake has fallen short of expectations. Bukele highlighted that, despite some progress, there is considerable room for improvement in Bitcoin’s integration into daily life and commerce.

Bukele appeared to embrace the label of “the world’s most popular authoritarian,” as described by Time. Since assuming office in June 2019, Bukele has overseen a significant reduction in the homicide rate in El Salvador. However, his administration has faced criticism for alleged human rights violations in its efforts to combat gang violence, including the detention of critics. Bukele has defended his administration’s actions, asserting that El Salvador is “the safest country in the Western Hemisphere” and claiming that no tear gas or battens are used against demonstrators.

Bukele gained notable attention in the cryptocurrency sector in 2021 when he announced El Salvador's plan to adopt Bitcoin as legal tender at the Bitcoin Conference in Miami. Since then, he has advocated for the development of a “Bitcoin City” powered by geothermal energy from volcanoes and introduced a citizenship program for those committing to significant cryptocurrency.

Bukele has frequently shared updates on Bitcoin acquisitions and reported that the country has substantial reserves in its public wallet. Following a recent electoral victory, Bukele is set to continue serving as El Salvador’s president until 2029.

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