In El Salvador, President Bukele's pro-bitcoin policy is not taking hold. In 2021, the small, poor Central American country was the first to make bitcoin an official currency.
Today, bitcoin represents barely 1% of payments. In 2022, only 1.6% of the more than $7.7 billion in remesas, money sent by migrants working abroad, moved into bitcoins. And transactions still fell by almost 35% in 2023, according to the University of Central America.