Join the larget crypto conference of 2024 in Bitcoin

If El Salvador’s Bitcoin adoption succeeds, many countries will follow, says Nayib Bukele

If El Salvador's Bitcoin adoption succeeds, many countries will follow, says Nayib Bukele 6

The president of El Salvador talked about the critics of “National Bitcoin law & adoption”, which passes negative statements against the El Salvador government because of the Bitcoin adoption strategy. 

El Salvador is the first country in the world, where Bitcoin can be used as currency. Since 7 September 2021, Bitcoin & US dollar are official currencies in El Salvador, where people can use both of these two forms of money to pay for goods & services using the national Bitcoin digital wallet Chivo. El Salvador completed one year with bitcoin law but is still facing criticism because of the Bitcoin adoption strategy, which was initially adopted in order to provide the most secured & easiest Banking & payment option via the use of Bitcoin.

Leading Bitcoin news website “BitcoinMagazine” reported on the latest statement of El Salvador’s President Nayib Bukele in Bitcoin Magazine’s “The Orange Party Issue”.

Bukele said that people who are criticizing the El Salvador government for its Bitcoin adoption are actually the world’s power elites and they are getting benefits for such kinds of activities.

“The most vocal detractors, the ones who are afraid and pressuring us to reverse our decision, are the world’s power elites and the people who work for or benefit from them,” the El Salvador president said.

In particular, Bukele talked about the negative news on El Salvador’s Bitcoin law and said that the majority of the news articles are criticizing El Salvador and claiming that Bitcoin adoption impacted the economy of the country badly, which is not true from any point of view.

Bukele further elaborated that Bitcoin adoption was a part to boost the economy and Bitcoin helped the country to attract tourism, which pushed an increment in the GDP by around 10.3% after 2021, and also employment surged by around 7%.

Bukele further added:

“new businesses up 12%, exports up 17%, energy generation up 19%, energy exports went up 3,291%, and internal revenue went up 37%, all without raising any taxes.”

The El Salvador president explained that purchased Bitcoins are still in diamond hands, so how are we in loss? He said that if we assume the country lost $50 million because the price of Bitcoin plunged significantly then still it is only 0.2% of the country’ GDP, which is not a very big thing over the growth of GDP.

Further he said that other countries will follow El Salvador’ Bitcoin law if El Salvador will succeeds otherwise no one will follow in case of failure.

“If El Salvador succeeds, many countries will follow. If El Salvador somehow fails, which we refuse to, no countries will follow.“

Read also: Bitcoin bullish firm Microstrategy searching blockchain engineers

If El Salvador’s Bitcoin adoption succeeds, many countries will follow, says Nayib Bukele






Ads by Cryptonews24

OKX - Moon Trade

Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!

How does it work?

  • Select Trade in the main menu, then select Trading bot.
  • Select a spot trading pair from the Trading bot menu.
  • Select Moon Grid from the listed strategies.
  • Enter the amount you want the bot to trade and click Create.
  • Your bot will then be live.
  • To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.


Trade with Moon Grid now


Ads by Cryptonews24




Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin. provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice. recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.


Please follow and like us:

Social media & sharing icons powered by UltimatelySocial