Bitcoin adoption rate is not impressive in El Salvador, despite several innovative strategies
Reportedly the adoption rate in El Salvador is failing to reach the level, the Bitcoin community was expecting following the adoption of Bitcoin as a legal tender in this country.
El Salvador is the first country which adopted Bitcoin as a legal currency. Under the presidency of Nayib Bukele, the country adopted Bitcoin as a legal tender in Sep 2021 officially. For the Bitcoin adoption, the Country’s president Bukele faced huge criticism from the opposition political leaders and also from the citizens. At the time many reports revealed that the majority of the uneducated population of this country was thinking that Bitcoin adoption would help rich people to become more rich, which clearly showed that the country’s leadership failed to spread a better level of Bitcoin education before adoption.
At present, this country is holding 2,768 Bitcoin worth nearly $121,114,545.84 at the current trade price of Bitcoin.
A few days ago, Nayib Bukele dragged attention toward the country’s Bitcoin investment profit and said that many media reports criticised him for the Bitcoin investment strategy, as the Bitcoin price was down, but now journalists should also cover this news that the country is currently in net $3,620,277 profit.
Bukele said that the country will never sell these Bitcoin investments and it is also clear that the price of Bitcoin will face more ups & downs in the future but the country’s Bitcoin investment strategy will never deviate from its path.
It is worth it to note that El Salvador not only adopted Bitcoin as a currency but also invited people to get huge benefits with Bitcoin investment directly & indirectly.
This country issued a Bitcoin bond so that the country’s citizens can easily participate in the government’s Bitcoin-related activities as an indirect investment partner.
Data from Triple-A indicates that only 109,175 Salvadorans own Bitcoin, out of a total population of 6.36 million. That means only 1.7% of the population is interested in Bitcoin which was not expected by the Bitcoin community.
Just three days ago, the El Salvador government, alongside the stablecoin company Tether, announced a joint initiative called “Adopting El Salvador Freedom” that allows foreigners to obtain a Salvadoran passport in exchange for paying $1 million in Bitcoin.
In short, this Bitcoin-bullish country is offering citizenship to foreigners. All these types of efforts by this country show that the government offered multiple offers for people to adopt Bitcoin & enjoy benefits but it is weird to see that people are not able to understand the potential of Bitcoin.
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