El Salvador President Nayib Bukele has reportedly said the country’s adoption of Bitcoin hasn’t gone as far as he would have liked after adopting the cryptocurrency as legal tender.
According to a TIME Magazine interview released on Aug. 29, Bukele claimed Bitcoin (BTC) adoption was a “net positive” for El Salvador but admitted he had not seen as many benefits as he anticipated. The president reportedly compared the country’s stance on protesters to its acceptance of BTC — as “voluntary” and not enforced by the government.
“[A] lot more could definitely be done,” said Bukele. “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.”
In an Aug. 29 X post, the El Salvador President seemed to laud TIME’s characterization of him as “the world’s most popular authoritarian.” Since taking office in June 2019, the homicide rate in El Salvador dropped significantly.
However, many have pointed to authorities violating laws on human rights in their attempts to crack down on gang activity in the country, including by detaining critics of the administration. Bukele has claimed El Salvador was “the safest country in the Western Hemisphere,” reportedly denying the use of tear gas or batons to stifle demonstrations.
“[E]verything 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.”
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Many in the crypto industry took notice of Bukele starting in 2021 after he planned to have El Salvador adopt BTC as legal tender during a Bitcoin conference in Miami. The president has since pushed for creating a volcano-powered ‘Bitcoin City’ in the country and launched a citizenship program for individuals who pledged a $1 million investment in BTC or Tether.
Bukele regularly announces BTC purchases over X. According to the president, the country had roughly $400 million in its “public wallet alone.” After winning another election in February, he is expected to serve as El Salvador’s President until 2029.
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