Naib Bukele Explains Why Bitcoin Adoption Has Slowed in El Salvador

President Naib Bookel's bold initiative to introduce Bitcoin as legal tender in El Salvador has been the focus of international attention, but adoption has not reached the expected level. In the interview, Bukele shared his biased view of the country's digital currency journey.

Although Bitcoin is used regularly by Salvadorans and businesses, general adoption has not met initial expectations.

Buckel explains why Bitcoin has not achieved widespread adoption.

Bukele believes the slow adoption is because Bitcoin has always been a voluntary option in the country.

“You can go to McDonalds, supermarket or hotel and pay with Bitcoin. It didn't get the adoption we expected. The positive aspect is voluntary; We have never forced anyone. We offer it as an option, and those who choose to use it have benefited from the rise of Bitcoin.

Moreover, El Salvador is trying to increase awareness of Bitcoin by emphasizing education. The government recently launched a Bitcoin training program for 80,000 government employees, as reported by BeenCrypto.

Read more: How to get paid in Bitcoin (BTC), everything you need to know

Bitcoin Office Director Stacey Herbert is leading this tutorial. She is coordinating the development of the Bitcoin module at El Salvador's School of Public Administration Innovation.

While the pace of adoption has been slow, Buckele is optimistic about the financial results of early adopters. People who invested in Bitcoin in the beginning saw great financial growth.

“Thank God for that. It's good for people to have those incomes. Those who decide not to use it don't get the benefits. If you use it now, it will probably be profitable in the future. If you don't want to use it, this country is free,” Bukele said.

Highlighting the government's investment success, Bukele noted that El Salvador's initial $135 million bitcoin investment has grown significantly. In fact, the Bitcoin Bureau's registry data shows that El Salvador currently holds 5,85775 BTC, which is now worth more than $345.66 million.

However, Buckele believes Bitcoin's value extends beyond financial metrics. He pointed to an improved participation from major financial institutions and other countries, who are now looking more at Bitcoin as part of their economic strategy.

“It's brought about financial inclusion for a lot of people and profit for a lot of people. It's made a profit for the country. The fact that major Wall Street firms are getting involved in this – something that would have been unthinkable three years ago – shows the impact. Some countries are already holding stocks in Bitcoin or investing in Bitcoin and Bitcoin mining.” “It's becoming a topic of debate in the US presidential campaign,” Buckele said.

Despite criticisms and moderate adoption rates, Buchelle sees Bitcoin's impact as mostly positive. The president cited a report from the International Monetary Fund and confirmed that the expected risks associated with Bitcoin in El Salvador have not materialized.

Internationally, Bukele continues. Advocate for the use of cryptocurrencies, especially Bitcoin, to promote the economic and technological development of El Salvador. His government He proposed great ideas such as the creation of Bitcoin City to build a city powered by volcanic geothermal energy It serves as a global hub for cryptocurrencies.