In September 2021 El Salvador become the first country to adopt Bitcoin as legal tender. President Nayib Bukele also spent over $420 million dollars of public money to buy Bitcoin as an investment, and build the necessary infrastructure for the Chivo Wallet, a state custodial wallet. Since then, Bitcoin adoption has been negligible,…

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 r…