El Salvador President Admits Bitcoin Adoption in Falls Short of Expectations

El Salvador's President Nayib Bukele has acknowledged that the adoption of Bitcoin as legal tender in the country has not progressed as much as he had hoped.

In an interview with Time magazine on Aug. 29, Bukele described the Bitcoin initiative as a “net positive” for El Salvador, but conceded that the results have fallen short of his expectations. He noted that while Bitcoin is widely accepted by large businesses and can be used in places like McDonald’s, supermarkets, and hotels, the overall adoption hasn’t been as extensive as anticipated.

In a post on X (formerly Twitter) on the same day, Bukele seemed to embrace Time’s portrayal of him as “the world’s most popular authoritarian.” Since his presidency began in 2019, El Salvador’s homicide rate has dropped significantly. However, his government has faced accusations of human rights violations, particularly regarding its aggressive crackdown on gangs, which has included the detention of critics.

Bukele stated that the label of authoritarianism doesn’t trouble him much, though he doesn’t particularly like it.

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Bukele first gained significant attention in the crypto world in 2021 when he announced plans to adopt Bitcoin as legal tender at the Bitcoin Conference in Miami. Since then, he has pushed forward initiatives such as a “Bitcoin City” powered by volcanic energy and a citizenship program for those who invest $1 million in Bitcoin or USDT.

Bukele frequently updates on Bitcoin purchases via X, claiming that El Salvador’s public wallet holds around $400 million in BTC. Having won re-election in February, Bukele is expected to remain in office until 2029.

Alexander Stefanov