El Salvador President Nayib Bukele Concedes Bitcoin Adoption Has Fallen Short Despite $265 Million Profits

By Brenda Ngari -August 31, 2024

In a recent interview, El Salvador’s Bitcoin-loving president Nayib Bukele discussed the impact of his BTC gamble after adopting the maiden cryptocurrency as legal tender. While Bukele acknowledged that Bitcoin had not witnessed the widespread adoption in the country as he would have liked, he emphasized that his BTC strategy has been “net positive.”

Bitcoin Experiment A Mixed Bag, Bukele Opines

In an interview with TIME magazine published Aug.29, Nayib Bukele said his Bitcoin bet has had mixed results so far.

“Yes and no, a lot more could definitely be done,” Bukele stated in response to the interviewer’s question about whether Bitcoin adoption in the tiny Central American nation has been a resounding success.

“Bitcoin hasn’t had the widespread adoption we hoped for. Many Salvadorans use it. The majority of large businesses in the country have it, Bukele explained. “You can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin. It hasn’t had the adoption we expected.”

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https://zycrypto.com/el-salvador-president-nayib-bukele-concedes-bitcoin-adoption-has-fallen-short-despite-265-million-profits/