El Salvador to Adopt BTC as Legal Tender: Boon or Bane?

Leap of Faith Into Action

President Nayib Bukele is confident of adopting Bitcoin, citing the success of the Bitcoin Beach Wallet experiment — representing a mere sliver of the country — but giving consideration to 70% of El Salvador’s citizens who are unbanked.

Will Bitcoin Do More Harm Than Good to El Salvador’s Economy?

It’s not hard to understand why President Bukele is honing in on BTC, when El Salvador’s remittance fee has fallen to under 3% after the 2018 rise in the adoption of Bitcoin. With lower fees, the number of remittances into the country has increased and represents 21% of its gross domestic product (GDP).

Roadblocks Ahead Require More Than Just Faith

President Bukele famously said, “Let Bitcoin flourish on its own merits.”

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