El Salvador’s President Nayib Bukele remains optimistic about his country’s bold Bitcoin strategy, despite acknowledging that adoption hasn’t reached the levels he initially anticipated. In an interview with TIME Magazine, Bukele stated, “Bitcoin hasn’t had the widespread adoption we hoped for.”
Nevertheless, the president maintains that the endeavor has been a “net positive,” bringing benefits such as increased branding, investment, and tourism. Bukele asserted that El Salvador has not experienced the negative consequences that institutions like the IMF had warned about.
Since El Salvador made Bitcoin legal tender in 2021 and started accumulating it as a treasury asset, the country has positioned itself as a pioneer in the crypto space. Bukele noted that Wall Street now offers various Bitcoin-related products, and the cryptocurrency is even playing a role in the current U.S. presidential election.
Despite the slower-than-expected adoption, El Salvador has amassed a significant Bitcoin holding. Bukele revealed that the country has approximately $400 million in BTC “in the public wallet alone.”
While Bukele refrained from declaring Bitcoin the currency of the future, he expressed confidence in its potential, stating, “There’s a lot of future in that currency.”
