Limited Bitcoin Adoption in El Salvador – President Remains Bullish

• Limited Bitcoin adoption in El Salvador isn't worrying President Bukele, as he remains pro-Bitcoin and continues with the $BTC plan.
• The country currently holds 5.85775 $BTC (worth ~$345.66M).
• El Salvador's Bitcoin plan is currently on a net positive, far from the pessimistic expectations everyone had in 2021, including the IMF.

The limited adoption of Bitcoin in El Salvador doesn't phase President Nayib Bukele that much. He knows why that's the case and doesn't worry.

The slow adoption mainly comes from the voluntary aspect of Bitcoin use in the country. But Bukele maintains that crypto shouldn't be forced and that freedom is integral to long-term adoption.

El Salvador currently holds 5.85775 $BTC (worth ~$345.66M), and the country continues to buy.

Let's discuss why the adoption of $BTC is low in El Salvador and why the president remains hopeful.

Salvadorian Bitcoin - A Free Choice For Those Who Want to Use It

President Bukele is deeply aware of why Bitcoin adoption remains low in the country. It's because people have a choice to use it.

You can go to a McDonald's, a supermarket, or a hotel and pay with Bitcoin. It hasn't had the adoption we expected. The positive aspect is that it is voluntary; we have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin.Nayib Bukele, El Salvador President

While he encourages people to use Bitcoin because they will probably have gains in the future,' he believes freedom should come above all else.

Moreover, it's not like the Bitcoin strategy is failing. Quite the opposite - El Salvador is on a net positive, from branding to tourism. Many people have also made $BTC gains in the country.

Bukele also clarified that El Salvador has the largest Bitcoin fund in the world, and the country will continue buying 1 $BTC per day until it becomes unaffordable with fiat currencies.'

The country holds 5.857 $BTC (currently valued at $345M), and its balance history shows a steady accumulation.

Bitcoin's benefits go far beyond numbers on paper, though. President Bukele mentions financial inclusion and profits as the biggest advantagesof holding BTC for El Salvador.

Is El Salvador Throwing Caution to the Wind or Playing the Long Game?

If we'd asked this question in 2021, everyone would have foreseen nationwide starvation and poverty. However, no apocalyptic scenario has befallen El Salvador.

The IMF recently reported that the expected risks associated with El Salvador's Bitcoin holding did not materialize. Instead, the country keptinnovating and introducing new crypto projects, like tokenizing real estate and $BTC freedom visas.

It seems that the country knows what it's doing, and President Bukele's Bitcoin plan is becoming beneficial. It's likely that a crypto rally will bring even more advantages to El Salvador.

Bitcoin adoption should continue growing, albeit at a slower pace, as long as El Salvador remains faithful to its accumulation strategy and freedom-first initiative.

Even internationally, Bukele is a strong crypto proponent, with Bitcoin City being his most ambitious project yet. He already got a $1.6B investment from Yilport Holding to renovate several key seaports important for the development of the Bitcoin City.

Despite Low Adoption, El Salvador's $BTC Plan Remains Strong

The current low $BTC adoption in El Salvador might seem bad at first glance, but it's somewhat to be expected. President Bukele knew introducing Bitcoin country-wide wouldn't be a two-to-three-year process.

Despite the obstacles, he's determined to continue forward, confident in Bitcoin's potential and how it can benefit his country.

References

• President Nayib Bukele's Interview With TIME (Time)
• Turkish Conglomerate $1.6 Billion Investment Ignites El Salvador's Bitcoin City Plan (BeInCrypto)

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