According to a recent study by Crypto Betting, El Salvador has emerged as a major player in the world of Bitcoin, ranking second in terms of interest in cryptocurrency. The study used Google Analytics and the number of Bitcoin ATMs in each country, with El Salvador scoring a respectable 46.19 out of 100. This puts the country ahead of nations like Vietnam, Nigeria, India, and Venezuela. Just one spot in front of El Salvador, we have the United States, which ranked first with a score of 54.95.
Despite President Nayib Bukele’s push for Bitcoin adoption drawing criticism, El Salvador’s high rank in the study is notable. The country passed the Bitcoin Law in 2021, making it legal tender. Polls, however, suggest that many Salvadorans are skeptical of the move. Nevertheless, Bukele remains committed to his vision of a Bitcoin-powered future for El Salvador. His vision includes the construction of Bitcoin City, a new metropolis powered by geothermal energy. The government has yet to release the Volcano Bonds that will be used to finance the project.
Is Bitcoin Working For El Salvador?
While the whole population of El Salvador may not support the idea of Bitcoin, the study’s findings suggest that there is still significant interest in cryptocurrency in the country. Some view the country’s embrace of Bitcoin as a risky move. Others, however, see it as an opportunity to innovate and create a more resilient economy.
As the world continues to adapt to a changing global financial landscape, El Salvador’s Bitcoin experiment may pay off. One thing is clear, however: the country is not afraid to take risks and explore new ideas. While the World Bank and the IMF are pressuring President Bukele heavily, he remains unshaken. It is uncertain whether this bold approach will result in triumph or defeat, but it is certain to be interesting in any case. With banks going bankrupt throughout the globe, Bitcoin may serve as a hedge fund against inflation and a possible financial crisis.