2024

Boost

Bitcoin

Time

Salvadoran President Nayib Bukele recently shared his thoughts on the country’s decision to make Bitcoin a legal currency, admitting that the results haven’t been as successful as he hoped. 
In an interview with <a href="https://time.com/7015636/president-nayib-bukele-interview/" target="_blank" rel="noreferrer noopener nofollow">Time magazine</a> on August 29, Bukele said that while adopting Bitcoin has been a good move overall, it hasn’t become as popular as he expected. 
El Salvador made headlines in 2021 by becoming the first country to accept Bitcoin as its <a href="https://www.cryptotimes.io/2021/06/08/el-salvador-to-adopt-bitcoin-as-legal-tender-after-passing-a-law/" target="_blank" rel="noreferrer noopener">official currency</a>. This move attracted a lot of attention, especially from the cryptocurrency industry.&nbsp; 
“A lot more could definitely be done. Bitcoin hasn’t had the widespread adoption we hoped for” said Bukele. 
Bukele noted that while some big businesses like McDonald’s, supermarkets, and hotels in El Salvador accept Bitcoin, most people in the country aren’t using it as much as he had hoped. 
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Wearing a dark suit to look more “authoritarian” 😌 Full interview: <a href="https://t.co/dXR5eVmsM1" target="_blank">https://t.co/dXR5eVmsM1</a> Entrevista completa en español: <a href="https://t.co/wGWW9ZgdoO" target="_blank">https://t.co/wGWW9ZgdoO</a> <a href="https://t.co/ViGBkIJ3JU" target="_blank">pic.twitter.com/ViGBkIJ3JU</a>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1829150748095197511?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 29, 2024</a>
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However, Bukele still remains committed to expanding Bitcoin’s role in the country. He continues to push for projects like “<a href="https://www.cryptotimes.io/2021/11/22/el-salvador-to-build-bitcoin-city-backed-by-1b-bitcoin-bond/" target="_blank" rel="noreferrer noopener">Bitcoin City</a>,” which would be powered by volcanic energy, and a program offering citizenship to Bitcoin investors. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/08/14/yilports-1-6b-investment-could-boosts-el-salvadors-bitcoin-city-project/" target="_blank" rel="noreferrer noopener">Yilport’s $1.6B Investment Could Boost El Salvador’s Bitcoin City Project</a> 
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“Bitcoin Adoption in El Salvador is Slower Than Expected” — Nayib Bukele

The Crypto Times

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