If El Salvador’s Bitcoin adoption succeeds, many countries will follow, says Nayib Bukele


The president of El Salvador talked about the critics of “National Bitcoin law & adoption”, which passes negative statements against the El Salvador government because of the Bitcoin adoption strategy. 

El Salvador is the first country in the world, where Bitcoin can be used as currency. Since 7 September 2021, Bitcoin & US dollar are official currencies in El Salvador, where people can use both of these two forms of money to pay for goods & services using the national Bitcoin digital wallet Chivo. El Salvador completed one year with bitcoin law but is still facing criticism because of the Bitcoin adoption strategy, which was initially adopted in order to provide the most secured & easiest Banking & payment option via the use of Bitcoin.  

Leading Bitcoin news website “BitcoinMagazine” reported on the latest statement of El Salvador’s President Nayib Bukele in Bitcoin Magazine’s “The Orange Party Issue”.

Bukele said that people who are criticizing the El Salvador government for its Bitcoin adoption are actually the world’s power elites and they are getting benefits for such kinds of activities.

“The most vocal detractors, the ones who are afraid and pressuring us to reverse our decision, are the world’s power elites and the people who work for or benefit from them,” the El Salvador president said.

In particular, Bukele talked about the negative news on El Salvador’s Bitcoin law and said that the majority of the news articles are criticizing El Salvador and claiming that Bitcoin adoption impacted the economy of the country badly, which is not true from any point of view. 

Bukele further elaborated that Bitcoin adoption was a part to boost the economy and Bitcoin helped the country to attract tourism, which pushed an increment in the GDP by around 10.3% after 2021, and also employment surged by around 7%. 

Bukele further added:

“new businesses up 12%, exports up 17%, energy generation up 19%, energy exports went up 3,291%, and internal revenue went up 37%, all without raising any taxes.”

The El Salvador president explained that purchased Bitcoins are still in diamond hands, so how are we in loss? He said that if we assume the country lost $50 million because the price of Bitcoin plunged significantly then still it is only 0.2% of the country’ GDP, which is not a very big thing over the growth of GDP. 

Further he said that other countries will follow El Salvador’ Bitcoin law if El Salvador will succeeds otherwise no one will follow in case of failure. 

“If El Salvador succeeds, many countries will follow. If El Salvador somehow fails, which we refuse to, no countries will follow.“

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