According to the post, the country's balance is up to $1 million in only 11 hours right after buying many coins. But while Bukele brags about a successful deal, users rushed to remind the president that the country is down by approximately $20 million, since their average Bitcoin entry is around $45,000.
I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not ? https://t.co/BrZx3dwA5q— Nayib Bukele (@nayibbukele) May 10, 2022
El Salvador will profit from the Bitcoin position only after the first cryptocurrency rallies by approximately 40% from the price at which it trades now. The country started buying Bitcoin back in September when BTC was trading at around $50,000.
Country fails to adopt Bitcoin
Unfortunately for the country's permabull president, citizens of El Salvador are not feeling like switching to Bitcoin and using the widely pushed Chivo wallet. As U.Today has previously covered, 60% of the country's citizens dropped the Chivo wallet after receiving free $30.
Companies functioning in the country are also not rushing to accept Bitcoin as only 20% of all businesses offer BTC payments. Reportedly, some businesses that have previously accepted BTC are now ditching it and returning to the basics.
As for taxes, only 5% of all citizens of El Salvador are choosing to pay their taxes with the help of the Chivo wallet.
Such a low rate of adoption is most likely tied to the volatile nature of Bitcoin and the technical complexity of using a crypto wallet, especially for elderly people.