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El Salvador President Nayib Bukele, under whose administration Bitcoin (CRYPTO: BTC) was adopted as the legal tender, said that the leading cryptocurrency hasn't witnessed widespread adoption as expected.
What happened: In an interview with Time Magazine, Bukele admitted that he expected the results to be better but it was up to the public to embrace it.
"We have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin," Bukele remarked. "If they do not want to use it, this is a free country."
Despite the slow pace of adoption, the president said that the initiative improved the country's branding, spurred investments, and boosted tourism.
He went on to say that Bitcoin offered financial inclusion and profit to the country, citing how a $135 million investment turned into $400 million for the government.
See Also: Donald Trump’s Pro-Bitcoin Stance Influenced Ethereum ETF Approval, Analyst Posits
Bukele also drew attention to Wall Street's embrace of Bitcoin, something that seemed unimaginable not very long ago. He noted how Bitcoin has emerged as a topic of discussion in the U.S. presidential election cycle.
“I wouldn’t consider it a resounding success. Still, I do believe that the positive outcomes outweigh the negative,” Bukele said.
Why It Matters: El Salvador has doubled down on Bitcoin ever since adopting the world's largest digital currency as a legal tender in 2021. The country has adopted a plan to buy one Bitcoin every day, until it becomes unaffordable with fiat currencies.
Part of the grand strategy includes setting up a geothermal energy-powered "Bitcoin City," a Bitcoin bank, and a training and education program for government officials and the general public.
Price Action: As of this writing, Bitcoin was exchanging hands at $58,973.49, down 0.33% in the last 24 hours, according to data from Benzinga Pro.
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Posted In: $BTC
