According to a recent study by Crypto Betting, El Salvador has emerged as a major player in the world of Bitcoin. The study ranks El Salvador second in terms of interest in crypto. The study used Google Analytics and the number of Bitcoin ATMs in each country, with El Salvador scoring 46.19 out of 100. This puts the country ahead of nations like Vietnam, Nigeria, India, and Venezuela, but trailing behind 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, but polls suggest that many Salvadorans are skeptical of the move. Nevertheless, Bukele remains committed to his vision of a Bitcoin-powered future for El Salvador. Last year, he announced 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 population of El Salvador may not be entirely sold on 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, while others see it as an opportunity to innovate and create a more resilient economy.
As the world continues to grapple with the COVID-19 pandemic and the changing global financial landscape, it remains to be seen whether El Salvador’s Bitcoin experiment will pay off. One thing is clear, however: the country is not afraid to take risks and explore new ideas, even if they are controversial. It is uncertain whether this bold approach will result in triumph or defeat, but it is certain to be an intriguing undertaking in any case.