Posted 3/20/2024, 2:02:00 AM
Salvadorans Delight in Bitcoin Riches But Struggle with Volatility
- El Salvador beach town "Bitcoin Beach" sees residents delighted by bitcoin's surge, like shopkeeper Maria Aguirre whose $2,200 investment is now worth around $19,000
- El Salvador became first country to make bitcoin legal tender in 2021 at initiative of President Bukele
- But surveys show most Salvadorans don't use bitcoin in daily life, preferring USD and traditional money transfer methods
- Some locals happy with bitcoin gains but wary of volatility, like vendor Blanca Castillo who must "be alert" to price swings
- Bitcoin payments popular with foreign tourists, but many locals like restaurant owner Rosalina Franco struggle with transactions and just save their bitcoin