Posted 1/30/2024, 7:36:50 PM
Crypto Payments and Interest Plummet in El Salvador
- Sharp decline in crypto payments in El Salvador in 2023, down to $82.93 million from $116.4 million in 2022
- Only 1% of total remittances to El Salvador made in crypto in 2023, down from 1.7% in 2022
- 88% of population did not use Bitcoin in 2023, interest decreasing over time
- Lack of transparency around El Salvador's Bitcoin purchases and holdings
- El Salvador stands alone globally in its embrace of Bitcoin; other countries' efforts to adopt it as legal tender have failed