Salvadoran President Nayib Bukele has expressed mixed feelings about the country’s adoption of Bitcoin as legal tender, revealing that the cryptocurrency’s integration into Salvadoran society hasn’t reached the extent he had hoped. In a Time magazine interview published on August 29, Bukele reflected on the impact of Bitcoin in El Salvador, acknowledging it as a “net positive” but noting that its adoption fell short of expectations.
“[A] lot more could definitely be done,” Bukele commented. “Bitcoin hasn’t had the widespread adoption we hoped for. Many Salvadorans use it; The majority of large businesses in the country have it. You can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin. It hasn’t had the adoption we expected.”
Additionally, in a post on X, Bukele reacted to Time’s depiction of him as “the world’s most popular authoritarian.” Since his election in June 2019, El Salvador has seen a significant drop in its homicide rate. However, his administration has faced criticism over alleged human rights violations, particularly in its aggressive anti-gang measures, including detaining government critics. Bukele has staunchly defended his policies, claiming El Salvador to be “the safest country in the Western Hemisphere,” and denied using force such as tear gas or batons against protesters.
“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.”
Bukele’s interest in cryptocurrency began to capture global attention in 2021 when he announced plans at the Bitcoin Conference in Miami to adopt Bitcoin as legal tender. Since then, he has also initiated projects like the volcano-powered “Bitcoin City” and a citizenship program for those investing a minimum of $1 million in Bitcoin or USDT. Bukele continues to make headlines with regular Bitcoin purchases announced over X, with about $400 million reportedly held in the country’s “public wallet alone.” After a recent electoral victory in February, he is set to continue as president until 2029.
