El Salvador’s decision to adopt Bitcoin (BTC) as a legal tender was polarizing. Cryptocurrency enthusiasts celebrated the shift as a critical step toward mass adoption, while economists trashed the idea and mourned for the Salvadoran people.
Since becoming the first country in the world to officially adopt Bitcoin, the Salvadoran Government is more committed than ever to its blockchain-based future. Regardless of volatility in the crypto market, president Nayib Bukele’s resolve remains unswayed.
Even after the collapse of FTX, when digital currency looked to be finished forever (again), the Bukele government doubled down and announced they’d buy one bitcoin daily. Despite the government’s confidence, the Salvadoran public’s usage and adoption of Bitcoin remains low.
With the construction of Bitcoin City lagging and the price of Bitcoin still far from all-time highs, is time running out for Nayib…
