Bitcoin transactions in El Salvador down 89%

Bitcoin was officially adopted as legal tender in El Salvador in September of this year. Since then, there have been positive reports from the country for the adoption of bitcoin. Reports noted that with over 3 million downloads of the Chivo wallet, there are more Salvadorans with bitcoin wallets than traditional bank accounts. The adoption of bitcoin in El Salvador is also on the rise for cross-border remittances and local payments. According to Alexander von Frankenberg, CEO and founder of High Tech Founder Fund, who visited the country some time ago, people are actually using bitcoin as many places have accepted cryptocurrency. However, there are also some concerns that have been raised. According to some, including the well-known analyst and critic of El Salvador's choices, CryptoWhale, bitcoin transactions in El Salvador have fallen by 89% since the cryptocurrency was made legal tender. Using this metric, he says it's clear that people don't want to use bitcoin due to the high costs and long lead times of the transaction fees.

CryptoWhales criticisms of bitcoin adoption in El Salvador are just the latest in a flurry that the country has faced and to which it apparently does not pay attention. El Salvador President Nayib Bukele has embarked on his mission of bringing economic development with the adoption of bitcoin. The adoption of bitcoin as legal tender by El Salvador has also given greater conviction to other countries that are considering the move. Countries such as Panama, Cuba and Ukraine have already made great strides to follow El Salvador's example. Many other countries are also seriously considering regulating cryptocurrency in a more friendly way so as not to be left out.