“I no longer use dollars, but Bitcoin and as BTC rose I bought new products”

Important facts:
  • Residents of the Salvadoran stronghold have held Bitcoin for more than three years.

  • Despite skepticism from Bukele’s opponents, more Salvadorans are learning to use digital currency.

The fact that Bitcoin (BTC) reached a new all-time high last week has been a source of joy for many people around the world. holdian (He has held the digital currency for many years).

Among those people are residents of the seaside town of El Zonte in El Salvador, who have taken the lead in adopting Bitcoin. Most businesses accept BTC payments from 2020, long ago President Nayib Bukele declared it legal tender. This fact has allowed them to enjoy the benefits of their long-term revaluation.

That’s what some traders said when consulted by journalists visiting the city to inquire about the use of Bitcoin in El Salvador. A curiosity that has increased now that the price of BTC is at a new level Bull Run Due to which it crossed US$ 73,000 a few days ago, This, after falling to around US$15,000 in 2022 amid a crypto winter that lasted more than a year.

one of the following appreciation letter It is from María Aguirre, a businessman who sells food and soft drinks and who explains that the sets he bought four years ago for US$2,200 are now worth about US$19,000. This is an adequate appreciation that comes from hodl In the long run, and which gave him profits which he took advantage of before the current price correction occurred.

“I bought a washing machine, a stove and a refrigerator with the profits I made from the increase,” the woman admits. Bitcoin has brought greater “economic stability”,

Blanca Castillo, who runs a business selling artificial flowers and natural juices, also says something similar. He claimed that he is happy with Bitcoin despite the fact that it has brought him financial benefits There is still fear of sudden changes in prices,

Bitcoin Beach trader Blanca Castillo talks about the benefits that Bitcoin has given her. Source: AFP.

“When you see that the price is going to go down, you think you are going to lose money… you get scared. “You have to be vigilant about their activities,” Castillo said, referring to the volatility of cryptocurrencies. absolutely one of the features What do Bitcoin’s critics question most? And this has become an excuse for many regulators to classify it as a high-risk asset.

Favorable comments were also repeated among other businessmen in the Salvadoran city. Another vendor commented, “It’s been fantastic and I’m very happy,” while a restaurant owner, a 70-year-old woman, revealed that Save everything you earn in Bitcoin, “I don’t spend it because I have difficulty transacting cryptocurrencies on the phone.”

The increase will also benefit those who have not withdrawn the US$30 in BTC that the government granted in 2021 through the state portfolio Chivo Wallet, valued at increased by approximately 50%,

Bitcoin was priced around US$40,000 in September 2021, when El Salvador declared BTC as legal tender. Source: CoinMarketCap.

Salvadorans show more interest in Bitcoin

Stories These Traders Tell These have long been repeated among many residents of El Zonte, The town, located about 45 minutes south of the capital San Salvador, eventually became Bitcoin Beach, the bastion that inspires thousands of Bitcoiners. Its circular economy model is replicated around the world, and its population, largely unbanked, learned to use bitcoin,

This is demonstrated by the testimony of Ismael, a native of El Zonte, who presented at a conference last year. “Earlier we were not aware of cryptocurrencies and we did not have access to banking services or any other form of digital payments. Then, with Bitcoin we learned to save, pay with BTC and exchange it into dollars when needed,” said the young man, who is now a Bitcoin teacher.

The above occurs despite criticism from those who reject the El Salvador government’s strategy with digital currency, most of whom are Bukele’s opponents.

There are continuous reports in the media that They question whether BTC is legal tender, based on studies that show its underuse. However, these same reports reveal some positive changes.

As reported by CryptoNoticias, the most recent survey from Jose Simeon Cañas Central American University determined that more than 10% of the country’s population used Bitcoin during 2023. statistics show increase in number of people Who have claimed to pay for goods and services with BTC. Results that point to greater interest in cryptocurrencies as a means of payment.

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