President Nayib Bukele reflected on El Salvador's journey since adopting Bitcoin as legal tender in 2021. He acknowledged that the rollout has been slower than initially anticipated, though he described the results so far as "positive."
While the expected benefits have not yet fully materialized, Bukele highlighted that major businesses in El Salvador, including supermarkets and restaurant chains, now accept Bitcoin as a form of payment. However, widespread public adoption has yet to be achieved. Since taking office, President Bukele has attracted international attention for his controversial policies and distinctive leadership style. His administration has been praised for significantly reducing gang violence in El Salvador, but also criticized for alleged human rights violations in its crackdown on organized crime.
Bukele addressed his reputation among some international observers and media by stating that being labeled "authoritarian" is a minor inconvenience and does not particularly bother him.
Regarding the adoption of Bitcoin, Bukele admitted that more could be done to better integrate Bitcoin into Salvadoran daily life and the economy. While a substantial portion of the population and several major companies use Bitcoin, the level of acceptance falls short of initial expectations.
El Salvador's economy remains heavily reliant on remittances from abroad and traditional sectors like agriculture and tourism. The economic boom that some had predicted would result from the Bitcoin policy has yet to occur.
