El Salvador tepid about Bitcoin

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Updated September 21, 2022 | Published September 7, 2022

2 mins read

El Salvador central bank chief Carlos Acevedo has told Fortune that nobody in the country is really talking about Bitcoin (BTC) anymore.

Acevedo didn’t call the BTC public tender initiative a failure, but it certainly wasn’t a success either. His comments came in an article in which Fortune explored how the country had been doing since it made the shift towards BTC.

It has been more than a year since El Salvador’s president, Nayib Bukele, announced that his country is making a hard shift towards BTC as a public tender and currency.

Vendors and traders who were promised a grace period soon realized that they must make the shift towards digital currency.

El Salvador’s Chivo wallet, which was supposed to function from the start and let people register to collect free BTC, did not work and there are concerns that Bukele may be the only person in control of the country’s BTC reserves.

Locally, only 2% of all remittances are sent via cryptocurrency wallets and digital wallets are still not very common, Fortune said.

Despite these sobering facts, El Salvador is still pressing on with its cryptocurrency and BTC agenda. El Salvador purchased additional 80 BTC in July.

Even though the market crash continued to suppress El Salvador’s BTC reserves, Bukele, who bills himself the world’s “friendliest dictator”, continues to double down every chance he gets.

However, financial startup Bank to the Future founder Simon Dixon argues that El Salvador’s population is aware of BTC and cryptocurrencies and the country itself is a nation where everyone supposedly owns a cryptocurrency wallet.

But others, including Torino Capital COO Fabiano Borsato caution that the shift towards BTC has raised the market’s risk perception for the country.

In the meantime, you need not live in El Salvador to enjoy cryptocurrencies and use them recreationally. You may go right ahead and join Bitcasino, 1xBit or FortuneJack.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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