El Salvador to ditch Bitcoin as legal tender

El Salvador

TL;DR Breakdown

  • Crypto Whale says Salvadorians are tired of Bitcoin and country should switch to another crypto.
  • Many merits El Salvador has seen since adopting Bitcoin.
  • El Salvador influencing many other countries to adopt Bitcoin.

Popular crypto analyst Crypto Whale has speculated that El Salvador should ditch Bitcoin and opt for other cryptocurrencies with “real utility.”

The crypto investor who is also a critic explained that Bitcoin transactions in El Salvador have plunged 89 percent, pointing that locals are ready to ditch Bitcoin. He said Salvadorians no longer want to use Bitcoin as it was outdated due to the network’s challenge of high transaction fees and slow transaction times.

This analysis adds to the heap of backlash the country has to deal with since the switch to Bitcoin. However, El Salvador’s President Nayib Bukele appears unperturbed by the myriad of backlash raised by Salvadorians since Bitcoin adoption.

Many positives to hold since El Salvador Bitcoin adoption

Bitcoin was officially adopted as legal tender in El Salvador in September of this year. Since then, there have been positive reports coming out of the country for Bitcoin adoption. Reports have noted that with over 3 million downloads of the Chivo wallet, more Salvadorians have Bitcoin wallets than traditional bank accounts, in line with Bukele’s primary objective.

Salvadorians both home and abroad have also resolved to use Bitcoin for cross-border remittances and local payment. Alexander von Frankenberg, the managing director and founder of High Tech Founder Fund, who visited the country a while back, said people are actually using Bitcoin in the country as many places accepted the cryptocurrency, powered by the very fast and cheap lightning network.

On the global stage, the Central-American country has influenced neighboring countries who are now considering adopting Bitcoin as a legal tender. Countries including Panama, Cuba, and Ukraine have already taken serious strides to follow suit with the country. As a result of El Salvador Bitcoin’s position, some other countries are looking at accomodating crypto more than being hostile and capital with the industry.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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