Bitcoin legalization boosts entrepreneurship
Since El Salvador included Bitcoin as legal tender in 2021, the country has been in the global spotlight. Although many international organizations have questioned the volatility of Bitcoin, for some people in El Salvador, Bitcoin has helped them achieve financial freedom. Taxi driver Napoleon Osorio is a success story.
Osorio, 39, who was unemployed before Bitcoin was legalized, is now the owner of his own fleet and car rental company.
He said: "I didn't have a job before...but now, I have my own career!"
Osorio’s story exemplifies an important role that Bitcoin plays in El Salvador – helping ordinary people find new economic opportunities.
Source: Kuwait Times Taxi driver Napoleon Osorio owns his own business with Bitcoin
Bitcoin brings financial turnaround
Osorio’s journey to Bitcoin originated from the introduction of John Dennehy, the founder of a non-profit organization “My First Bitcoin”. Although he was initially unfamiliar with the emerging technology, he soon decided to try accepting Bitcoin payments. Over time, as the value of Bitcoin gradually increased, so did his income, further expanding his business.
Currently, the company "Bit-Driver" run by Osorio has 21 drivers and has purchased 4 taxis. His success comes from the profits brought by the rising price of Bitcoin. His story shows how Bitcoin can help individuals find financial freedom in difficult financial situations and even create their own businesses.
Image source: Bit-Driver Services provided by Bit-Driver
Bitcoin Policies and Challenges in El Salvador
El Salvador is the first country in the world to include Bitcoin as legal tender, and President Nayib Bukele aims to bring financial inclusion to the 70% of the country’s population who do not have access to traditional banking services. The government launched the "Chivo Wallet" digital wallet to allow people to conduct Bitcoin transactions for free, and provided new users with $30 in Bitcoin to encourage them to join this financial revolution.
However, although government policies have promoted the popularity of Bitcoin, in a recent exclusive interview with the foreign media "Time Magazine", Bugele also directly stated that the progress is not as expected, and most Salvadorans have not yet actually used Bitcoin as a daily payment tool. Nonetheless, success stories like Osorio’s have undoubtedly inspired more people to try Bitcoin and gradually changed society’s perception of cryptocurrencies.
While El Salvador’s Bitcoin policy still faces international skepticism and domestic challenges, Osorio’s story demonstrates Bitcoin’s potential as a legal tender. Bitcoin is not only an investment tool, but for some, it is a path to financial freedom. Bitcoin’s influence in the country will continue to grow as more Salvadorans begin to accept this emerging payment method.
Further reading
The first country to treat Bitcoin as a legal tender - El Salvador!
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