Bukele Acknowledges Bitcoin's Limited Adoption in El Salvador: "More Could Be Done"

The Salvadoran president admits that Bitcoin adoption has not met expectations, but remains optimistic about its long-term benefits.

Salvadoran President Nayib Bukele recently reflected on his country’s experience with Bitcoin, acknowledging that the adoption of the cryptocurrency has not been as widespread as he had hoped. In an interview with *Time* magazine, published on August 29, Bukele admitted that while the introduction of Bitcoin as legal tender in El Salvador has been a "net positive," it has not delivered the broad impact he anticipated.

Bukele, who has been a vocal advocate for Bitcoin, emphasized that the cryptocurrency has seen some use among Salvadorans and larger businesses. However, he conceded that the level of adoption has not reached the heights that were initially expected. “You can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin. But it hasn’t had the adoption we expected,” Bukele remarked, signaling that there is still much work to be done to realize the full potential of Bitcoin in El Salvador.

Despite the lukewarm reception, Bukele continues to champion Bitcoin, often sharing updates on the country’s Bitcoin purchases on his social media. The president, who was recently re-elected and will serve until 2029, maintains his vision of making El Salvador a crypto-friendly nation. His ambitious plans include the creation of a "Bitcoin City" powered by volcanic energy, as well as a citizenship program for individuals who invest a significant amount in Bitcoin or USDT.

While the international community has closely watched Bukele's experiment with Bitcoin, many have also criticized his administration’s approach to governance, labeling it as authoritarian. However, Bukele has brushed off these criticisms, stating that the benefits of his policies, such as the significant reduction in the country’s homicide rate, far outweigh the negative perceptions.

As El Salvador continues on its Bitcoin journey, the world is watching to see whether Bukele’s bold experiment will eventually pay off. For now, the president remains committed, even as he acknowledges that “a lot more could definitely be done” to achieve the widespread adoption he envisioned.

photo source / Blockonome