"Bitcoin has not spread as far as we had hoped"

Nearly three years ago, El Salvador introduced Bitcoin as its national currency. President Nayib Bukele recently praised the successes, but also tempered the euphoria.

El Salvador's head of state, Nayib Bukele, expressed disappointment in an interview about Bitcoin's acceptance in the country.

In a conversation with Time Magazine the president said, "Bitcoin has not spread as far as we had hoped."

According to Bukele, a higher demand had been anticipated. El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021. Its use as a means of payment seems to be declining among the population.

"I think it could have worked better," Bukele said, "the acceptance is not as great as we expected." There are still "some improvements to be made." Which ones those are, he left open.

Still, after nearly three years, the 43-year-old draws a positive conclusion. Tourism has increased, and investors have come to the country.

Meanwhile, the gamble has also paid off for state coffers. "El Salvador has invested $135 million. Now we have $400 million in Bitcoin alone in the public wallet."