1 year after Bitcoin became legal tender in El Salvador: Failure or Success?

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Mr. Crypto Lemon ๐Ÿ‹
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2 min read

Hi HODLers,

One year ago, on Sept. 7, 2022 exactly; El Salvador became the first country in the world to adopt Bitcoin as legal tender.

I still remember how amazing it felt for all of us Crypto users. The first country to openly make it easy and possible to live with only cryptocurrencies in your wallet!

It was also a little bit before the ATH of $60,000. I have to admit it has only been downward since. What a ride...

At a local level; in Salvador some argue that the option of paying with Bitcoin forced local banks to lower their rate. I have to say it does not really convinced me, especially as most inhabitants never used their Bitcoins.

There is one positive that I have been able to see on Crypto Twitter:

Tourism in El Salvador has soared in the first half of 2022, surging about 82% as 1.1 million tourists have flocked to the country this year.

2021 numbers were surely very low but I have seen a trend of Crypto users wanting to go to El Salvador to experiment lightning and a "Bitcoin" life. Without this, they probably would have never gone there.

Cointelegraph tried to sum-up everything that happened during the past year. And you? Do you think it was a failure or a success?

In any case, Happy birthday to Bitcoin and El Salvador.

Stay safe out there,


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