Bukele acknowledged that while Bitcoin has made significant strides, the widespread adoption initially hoped for has not fully materialized.
He noted that many Salvadorans and large businesses, including McDonald’s, supermarkets, and hotels, accept Bitcoin. However, it has not reached the level of universal acceptance that was anticipated.
El Salvador’s Bitcoin Adoption: Progress and Challenges
“Bitcoin hasn’t had the widespread adoption we hoped for,” Bukele admitted. Despite this, he emphasized that the introduction of Bitcoin as a payment option has been voluntary, not mandatory. “The positive aspect is that it is voluntary; we have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin,” he explained.
Bukele’s approach has been to provide Bitcoin as a choice rather than a requirement. This allows individuals and businesses to opt in and potentially benefit from its value appreciation.
Source: Time
Bukele also addressed the broader perspective on Bitcoin’s future, stating, “It is the same with the Bitcoin issue. For me, it is an option we have given to Salvadorans. I’m not going to say it’s the currency of the future, but there’s a lot of future in that currency.” He highlighted that while Bitcoin’s potential remains significant, its future role is still evolving.
He also said: “I’m not the only one saying it. I wasn’t among the first, but we were still few in 2021. Right now, you have the largest funds in the world, literally the largest funds in the world. BlackRock has the largest Bitcoin ETF,” Bukele pointed out, underscoring the growing institutional interest in Bitcoin.
More About Bukele’s Interview with TIME
Reflecting on El Salvador’s investment in Bitcoin, Bukele revealed, “El Salvador invested $135 million. Now, we have $400 million in Bitcoin in the public wallet alone. We have done well as a government. Salvadorans who used and saved it have done very well for obvious reasons, such as the price increase.” This statement highlights the financial success the country has experienced from its Bitcoin holdings, showcasing the substantial growth in the value of its Bitcoin reserves.
Source: Time
Bukele also emphasized the broader implications of Bitcoin’s adoption, noting, “The fact that major Wall Street companies are now engaging in it—something that seemed unthinkable three years ago when we did it—shows its impact.” He noted Bitcoin’s presence in U.S. presidential debates and some countries’ investments in reserves and mining.
This shift from major financial players and governments shows Bitcoin’s growing global acceptance and potential. Here is the entire interview.
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