According to an interview with the Economic Times, in San Salvador, the capital of El Salvador, 39-year-old Napoleon Osorio became the first taxi driver in the country to accept Bitcoin payment. Since President Nayib Bukele designated Bitcoin as legal tender on September 7, 2021, Osorio’s life has changed Complete change. From being unemployed to running a thriving car rental company, Osorio attributes it all to the use of Bitcoin.
From unemployment to entrepreneurship: Bitcoin changes destiny
"I didn't have a job before...but now I have my own business," Osorio recalled. El Salvador adopted Bitcoin as legal tender three years ago, transforming him from unemployed to the owner of Bit-Driver, a car rental company with 21 drivers.
Positive Case Study: El Salvador Gets Bitcoin Economy Running
To promote Bitcoin adoption in El Salvador, Bukele launched the Chivo Wallet app, which offers free Bitcoin transactions and offers $30 in Bitcoin to every new user.
However, the measure also raised questions from the International Monetary Fund (IMF), which worried that official adoption of Bitcoin could affect El Salvador’s economic stability and briefly blocked the approval of a $1.3 billion loan. Nonetheless, the IMF announced a preliminary loan agreement with El Salvador in August this year, but stressed the need to mitigate associated risks.
(Ignoring the IMF warning, the Vice President of El Salvador: Bitcoin will be legal tender for at least five more years)
Alongside the U.S. dollar economy, Bitcoin helps financial inclusion
Osorio believes President Nayib Bukele’s bold move to integrate Bitcoin into El Salvador’s dollar economy is key to his success. Bukele poured hundreds of millions of taxpayer dollars into cryptocurrencies in an effort to revive the economy. The move is aimed at increasing financial inclusion and giving access to the financial system to the 70% of Salvadorans who are otherwise unbanked, despite warnings from global financial institutions about the high volatility of cryptocurrencies.
From taxi driver to entrepreneur: Osorio’s transformation story
Osorio also mentioned that he was inspired by John Dennehy, the founder of the American non-profit organization "My First Bitcoin", and made him decide to accept Bitcoin payments. Now, Osorio's company has profited from the rising price of Bitcoin and has expanded its business further, buying four additional taxis and being able to pay for his children's education. The former taxi driver’s success story shows how Bitcoin can be a life-changing tool and open the eyes of more Salvadorans to new possibilities for financial inclusion.
This article From Unemployment to Successful Entrepreneur: A Salvadoran Taxi Driver’s Life Reversed by Bitcoin Policy first appeared on Chain News ABMedia.
