El Salvador reflects on Bitcoin adoption and future outlook

In a recent interview with TIME, Nayib Bukele, the President of El Salvador, shared his thoughts on the country's experience with Bitcoin (CRYPTO:BTC) since adopting it as legal tender.

Bukele described the initiative’s outcomes as "net positive" but acknowledged that widespread adoption has not fully met initial expectations.

While some Salvadorans and large businesses like McDonald’s have embraced Bitcoin for transactions, the extensive nationwide use that Bukele envisioned has not yet been realised.

Bukele emphasised that using Bitcoin in El Salvador remains voluntary.

He noted that citizens who chose to save in Bitcoin have likely seen significant financial gains due to its price appreciation, providing a positive outcome for early adopters.

He also highlighted that the government has not enforced Bitcoin adoption and that freedom of choice remains central to their policy.

The President addressed misconceptions about his administration's governance approach, particularly regarding public protests.

He maintained that his administration allows open expression without resorting to violence, suggesting a commitment to democratic principles and the voluntary nature of Bitcoin usage.

El Salvador’s investment in Bitcoin has been a key focus.

The government invested approximately $135 million in Bitcoin, which has since appreciated to about $400 million.

Bukele argued that this move has not only brought financial benefits but has also attracted international attention and investment, including from major Wall Street firms.

He views these developments as indicators of Bitcoin's potential to drive financial inclusion, boost tourism, and encourage foreign investments in El Salvador.

Despite challenges, Bukele remains optimistic about Bitcoin's role in the global financial landscape.

He noted that Bitcoin adoption in El Salvador has sparked international conversations, with some countries beginning to hold Bitcoin in their reserves, signaling a potential shift in global perspectives on cryptocurrencies.

At the time of writing, the Bitcoin price was $58,899.45.