El Salvador’s Bitcoin Adoption Keeps Growing

El Salvador’s Bitcoin Adoption Keeps Growing

July 28, 2022 0 By Jeanine Sanchez

Author and Bitcoin educator, Jimmy Song, was a guest on the Bitcoin Magazine Podcast. He was invited to talk about Bitcoin adoption in El Salvador and it affects the quality of life.

Building More Programmers for the Future

Song had just returned to the US after a trip to El Salvador to teach Bitcoin Programming. In his review of the country, he said a lot of infrastructural development has been implemented. In his words, it is what one would expect the country to look like if it weren’t pressed down with external oppression.

Song said further that one can see as far as Bitcoin is concerned, business runs smoothly. One can easily pay for things in Bitcoin, and it’s quite cool. He said people expected the country to become a libertarian state overnight, but not so fast.

Went to El Salvador to train Bitcoin Programmers because the country needs more of them. For him, that’s not something one sees every day but it is a sign that progress is made. Song believed he saw progress on broad display in El Salvador.

Going further, the podcast host asked what the mood of El Salvadorians is about the 80% Bitcoin drawdown. Given that the crypto market crisis is a current global concern. Are El Salvadorians just building the ecosystem to keep abreast of global trends?

For Song, he said everyone he met in the country was absolutely bullish about Bitcoin. There is a lot of enthusiasm for Bitcoin and other assets in the country. There are also people looking forward to building theirs while the government is bullish about it.

Further Securing the Ecosystem

The government is turning its attention to securing the country and sector by arresting menacing gangs. About 40,000 gang members have reportedly been arrested. They no longer extort money from PPOA vendors and their likes.

That’s another step forward in the country while Bitcoin adoption goes on. It helps to keep money funds in people’s pockets for a long time.

Addressing the leadership style of El Salvador’s President, Nayib Bukele, Song was asked if it is right to view him as an authoritarian. Noting that Bukele had referred to himself as the world’s coolest dictator.

Song said an act like jailing gang members is not an authoritarian move. Those are people who go to the likes of food vendors and extort half their daily gains.

Song said videos of alleged brutality against gang members do not reflect the true nature of what happens in the country but are mere media sensationalism. But by and large, El Salvador is making giant strides in Bitcoin adoption.