How Has El Salvador Fared Since Accepting BTC?

At the time of writing, bitcoin use in El Salvador has fallen by roughly 60 percent, no doubt a testament to the poor performance the coin has exhibited throughout the 2022 year. It has indeed been a rough time for everyone’s favorite digital currency. Just one year ago, the world’s primary crypto asset was trading at a new all-time high of about $68,000 per unit. Now, however, the currency is struggling to maintain a position in the low $19K range.

Rachel Ziemba – founder of Ziemba Insights – explained that the government of El Salvador is still claiming the bitcoin experiment to be a success despite the lack of noticeable differences made in the territory’s economic operations. She said: The government claims the developments [are] a success, but most local commentators and international watchers are underwhelmed.

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