El Salvador’s Bitcoin experiment looks like a failure based on the statements made by experts.
(Photo : Photo by Dan Kitwood/Getty Images)
A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile.
In 2021, the Central American country made huge headlines after the government decided to adopt BTC as a legal tender.
If you don’t know what legal tender is, it’s a form of payment that the law recognizes as satisfactory payment for any monetary debt.
This means El Salvador’s residents can use Bitcoin to purchase anything in the country.
However, Edgardo Acevedo, a development engineer, claimed that the country’s BTC experiment is anticlimactic.
El Salvador Bitcoin Experiment is Anticlimactic?
Via CNBC‘s latest report, Acevedo, a 37-year-old El Salvador resident, explained why the nationwide crypto experiment is anticlimactic.
(Photo : Photo by Sean Gallup/Getty Images)
A sticker on the window of a local pub indicates the acceptance of Bitcoins for payment on April 11, 2013 in Berlin, Germany. Bitcoins are a digital currency traded on the MTGox exchange, and the value of the virtual money fluctuated from USD 260 per bitcoin down to USD 130 per bitcoin yesterday and recovered somewhat in trading today.
“I don’t think anything has changed, except that the country is more recognized than before, but the economic life of Salvadorans remains the same or worse than a few years ago,” said that engineer.
He added that although Bitcoin remains a topic of conversation in El Salvador, its adoption is still low. Edgardo further stated that only a few businesses across the globe accept BTC as payment.
On the other hand, he also believes that fewer El Salvador residents want to pay in digital coins. Because of this, he concluded that BTC didn’t help the country’s economy.
He added that nothing had changed before and after the government accepted Bitcoin as a legal tender.
Issues With El Salvador’s BTC Experiment
Coin Culture reported that the El Salvador government adopted Bitcoin as a legal tender on September 7, 2021.
President Nayib Bukele explained that this would help the country attract more foreign investors.
Aside from this, the leader also claimed it could generate more jobs. However, it seems like his predictions are far from becoming a reality.
Since the digital coin’s value lost around 60%, the use of BTC in El Salvador appears to be low. If you want to learn more about El Salvador’s Bitcoin adoption problems, you can visit this link.
Previously, we reported a $22,000 Bitcoin drop, the lowest level it reached in August.
The Ethereum Merge event was successfully launched.
For more news updates about Bitcoin and other cryptocurrencies, keep your tabs open here at TechTimes.
This article is owned by TechTimes
Written by Griffin Davis
ⓒ 2022 TECHTIMES.com All rights reserved. Do not reproduce without permission.