Wednesday, May 22, 2024
GlobalOtherEl salvador's crypto journey: Triumphs, skepticism, and education

El salvador’s crypto journey: Triumphs, skepticism, and education

El Salvador’s bold venture into Bitcoin continues to make waves, with small businesses like Good Beans coffee shop in San Salvador experiencing a boost in sales since adopting the cryptocurrency.

Owner Gabe Gutierrez reports that 5% to 10% of their monthly revenue now comes from Bitcoin transactions, showcasing a positive impact on their bottom line. Despite initial skepticism, President Nayib Bukele’s vision of reducing reliance on the US dollar and facilitating remittances is gaining traction.

While challenges persist, including a recent loss of $40 million in Bitcoin investments, enthusiasm remains high with plans to introduce Bitcoin education in schools and an influx of international residents embracing the digital currency for daily transactions.

Source video: FRANCE 24 English on YouTube

Source image: MichaelWuensch / pixabay

Source: marketplace.org

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