đšđ„ Bitcoin Plunges to $59,000! El Salvador Reveals Major Setback in Crypto Adoption đđ
Bitcoin has plummeted to $59,000 as El Salvadorâs President Nayib Bukele admits that the cryptocurrencyâs adoption has fallen short of his expectations. In an exclusive interview with Time on August 29, Bukele acknowledged that Bitcoinâs adoption as legal tender has not had the impact he hoped for. While calling the adoption a âpositive developmentâ for the country, he concedes that the results have fallen far short of his ambitions.
âThere is clearly much to be done,â Bukele said. âBitcoin has not been adopted as widely as we had anticipated. Many Salvadorans use it, and most large businesses in the country accept it. You can pay with Bitcoin at McDonaldâs, in supermarkets or hotels. However, its adoption has not reached the level we had hoped for.â
On August 29, Bukele even praised Time for its portrayal of him as âthe worldâs most beloved dictator.â Since he took office in June 2019, crime rates have dropped significantly in El Salvador.
However, his government has been accused of human rights abuses in its fight against gang activity, including the detention of critics. Bukele has called El Salvador âthe safest country in the Western Hemisphereâ and denied using tear gas or batons to quell protests.
âEverything in life has a price, and the cost of being labeled authoritarian is too small for me to worry about. I donât like it, but it doesnât keep me awake at night,â he commented.
Bukele captured the attention of the crypto community in 2021 with his announcement of Bitcoin as legal tender at the Bitcoin Conference in Miami. He has since backed the creation of a âBitcoin Cityâ powered by the countryâs volcanoes and launched a citizenship program for those who invest $1 million in $BTC or USDT.
The president frequently announces Bitcoin purchases on X and claims the country holds about $400 million in its âpublic wallet.â After an election victory in February, Bukele is expected to remain president until 2029.
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