I have been very often critical of Bukele, especially of the state spyware Chivo Wallet, and of the statist propaganda of many bitcoiners who portray El Salvador as "Bitcoin heaven."
I must admit that it is good to read the president admit in his TIME interview that the adoption of Bitcoin in the country has NOT been the success that was expected.
Truth always wins.
TIME: I also want to ask you about the adoption of Bitcoin in El Salvador. (ā¦) In your opinion, has it been a success?
BUKELE: Yes and no; a lot more could definitely be done. Bitcoin hasn't had the widespread adoption we hoped for. (ā¦) It hasnāt had the adoption we expected. The positive aspect is that it is voluntary; we have never forced anyone to adopt it. (ā¦)
For me, it is an option we have given to Salvadorans. I'm not going to say it's the currency of the future, but there's a lot of future in that currency.
TIME: You bet a lot on Bitcoin.
BUKELE: El Salvador invested $135 million. Now, we have $400 million in Bitcoin in the public wallet alone. (ā¦) I feel that it could have worked better, and there is still time to make some improvements, but it hasnāt resulted in anything negative. On the contrary, it gave us branding, it brought us investments, it brought us tourism. (ā¦)
In the end, the fact of being a āFirst Mover,ā I think, gives us a small advantage, as far as it goes. I feel that it could have been much better. I wouldn't consider it a resounding success. Still, I do believe that the positive outcomes outweigh the negative.
Source: https://time.com/7015636/president-nayib-bukele-interview/
āā¦it hasnāt resulted in anything negative. On the contrary, it gave us branding, it brought us investments, it brought us tourism.ā
That are very valid and good developments. The problem was they just dumped Bitcoin into their society without a prior education campaign. As far as I understood it many people didnāt know what this whole thing is about. That is something many Bitcoiners are working on now.
I wish it was that simple. Keep in mind that they get paid in US dollars. But yes, education is crucial. But itās gonna take time. A lot.
The option to get paid in BTC - even partially- would be great, yeah.
You donāt need the ālegal tenderā for that. Find a job that pays you in Bitcoin.
Then I donāt really understand the difficulties you referred to.
Sorry. My bad. Let me rephrase.
Salvadorans earn dollars. Like it or not everyone in the emerging markets want the US dollar. Possibly cash. It is what it is. Itās undeniable. Itās the reason why they buy them on the black market for twice their value sometimes. Itās the reason thereās more USDT adoption that BTC adoption in the global south.
Iām not saying I like it. Itās just the truth.
Same in El Salvador. In order to boost adoption they need to understand that BTC is superior money compared to USD. And as you know it takes time. You need a profound comprehension of Bitcoin for that. It takes time.
Ok got you. Yeah you have to distinguish between everyday USDT and Bitcoin which is still volatile and currently rather a longterm store of value. This will evolve maybe to one day being an everyday money as well.
