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Bitcoin Adoption Has Been Beneficial for El Salvador Despite the Crypto’s Fall

ByLouis Adams

Aug 1, 2022 #Bitcoin
Reading time: < 1 minute

El Salvador’s Finance Minister Alejandro Celaya has said that the adoption of Bitcoin as legal tender has benefited El Salvador despite the fall in the price of the cryptocurrency.

According to him, the introduction of digital currency has expanded access to financial services to the population that is largely not covered by banking services, has attracted tourists and investments.

The minister has admitted that the use of Bitcoin as a medium of exchange in El Salvador is really small. However, he continues to believe in the prospects of digital gold:

“For some, this is something new that they do not quite understand. But it is a phenomenon that exists, is gaining momentum and will be with us in the coming years.”

El Salvador’s government started acquiring Bitcoin shortly before its legalization in September last year with a $150 million specially created fund.