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El Salvador President's Bitcoin Admission: We Succeeded Even If Expectations Were Not Met!
El Salvador's President Nayib Bukele, who has recognized Bitcoin as the official currency, made headlines with his statements to Time magazine.
El Salvador President Nayib Bukele stated in an interview with TIME magazine that the monetary policy experiment initiated by the acceptance of Bitcoin as a legal currency has resulted in complex consequences.
Bukele, "Bitcoin did not receive the widespread acceptance we expected. However, many Salvadorans are using it and most of the major businesses in the country have it."
Bukele acknowledged that Bitcoin is not widely adopted throughout the country, emphasizing that the implementation is based on voluntarism and no one is forced to adopt it.
We offered Bitcoin as an option, and those who used it benefited from the increase in Bitcoin's value.
The Bitcoin Law, which was accepted at the peak of the last bull market on September 7, 2021, made El Salvador the first country to adopt Bitcoin as an alternative legal currency. With this move, the aim was to digitalize the economy and reduce dependence on the US dollar, which is the most widely circulated currency in the country.
Initially, the government spent $75 million to distribute approximately $30 worth of Bitcoin to individuals who registered with the government-backed Chivo wallet.
In addition, the country has added Bitcoin as a long-term treasury asset and plans to build a national Bitcoin mine powered by a volcano.
Bukele noted that those holding Bitcoin have achieved significant gains as the price of Bitcoin approaches the peak again. 'Thank God people have made these gains. Those who choose not to use Bitcoin have not made these gains,' he said.
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