Eleven months after the Bitcoin Law went into effect, El Salvador has received only 118.6 million dollars through cryptocurrency wallets. Traditional methods to send remittances accumulated over $7.031 billion dollars. It is a huge blow to the Nayib Bukele Administration, since crypto remittances only represent 1.6% of the total remittances that the country received since September 2021.
El Salvador spent over $420 million dollars just to implement Bitcoin as a legal tender, and it things keep going this way Nayib Bukele will have to reconsider his failed policy and might be forced to sell the country's Bitcoin reserves at a loss. Keep in mind that state entities involved in the purchase of Bitcoin have been withholding information about whether or not Nayib Bukele actually purchased Bitcoin with public funds.
Source: https://www.bcr.gob.sv/bcrsite/?cdr=85
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