Salvadoran President Nayib Bukele Reflects on Bitcoin Adoption: Progress and Challenges

In a recent interview with Time magazine, Salvadoran President Nayib Bukele reflected on the country’s journey with Bitcoin since its adoption as legal tender. Released on August 29, the interview reveals that while Bukele views Bitcoin adoption as a “net positive,” he admits that the cryptocurrency hasn’t achieved the widespread impact he had anticipated.

Bukele noted that although Bitcoin usage is prevalent in El Salvador, with many large businesses accepting it and establishments like McDonald’s, supermarkets, and hotels allowing payments in Bitcoin, the level of adoption has not met his expectations. He emphasized that more progress could definitely be made to enhance Bitcoin’s role in the country’s economy.

Comparing Bitcoin Adoption to Government Policies

During the interview, Bukele likened the country’s approach to Bitcoin adoption with its stance on protests, describing both as “voluntary” rather than enforced. This comparison highlights his belief in a more organic growth in Bitcoin usage without heavy-handed government intervention.

On August 29, Bukele also engaged with Time magazine’s characterization of him as “the world’s most popular authoritarian” on X (formerly Twitter). Despite significant improvements in El Salvador’s homicide rate during his tenure, Bukele’s administration has faced criticism for alleged human rights abuses and attempts to suppress dissent, including detaining critics.

Bukele addressed the criticism by acknowledging the costs of being labeled authoritarian but downplayed its impact on him personally. He stated, “Everything in life has a cost, and the cost of being called authoritarian is too small to bother me much. Now, I don’t like it, but it’s not like it keeps me up at night either.”

Bitcoin City and Citizenship Program

Since announcing the adoption of Bitcoin as legal tender at the Bitcoin Conference in Miami in 2021, Bukele has pursued ambitious projects, including the creation of a volcano-powered “Bitcoin City” and a citizenship program for those investing $1 million in Bitcoin or USDT.

Bukele has been proactive in promoting Bitcoin, regularly sharing updates on the country’s BTC purchases via X. According to him, El Salvador’s “public wallet” holds roughly $400 million in Bitcoin. Following his recent re-election, Bukele is expected to continue as president until 2029, pushing forward his vision for Bitcoin and its role in El Salvador’s future.