Bitcoin usage in El Salvador is reported to have dropped by 89%

According to recent statistics, Bitcoin transaction rates in El Salvador have reached a four-month low.

Nayib Bukele has had a spectacular year, acquiring almost 1,300 BTC since El Salvador’s formal acceptance of Bitcoin as legal cash in September. According to recent statistics, Bitcoin transaction rates in the Central American country have reached a four-month low, with more than 85% of the population exhibiting diminishing enthusiasm in using BTC for daily transactions.

Mr Cryptowhale, a notorious crypto pundit, made this comment on Twitter, saying that the world’s apex cryptocurrency will lose its legal tender status owing to factors like “high transaction fees, low transaction time,” and “outdated technology.”

According to the analyst, more than two-thirds of El Salvadorans are anti-Bitcoin – an allegation that has mostly gone unsubstantiated.

While transaction cost and time concerns continue to plague not only Bitcoin, but almost six of the top 10 globally traded cryptocurrencies, Salvadorans have identified particular problems with their government-authorized Chivo wallet.

A tweet on December 16 disclosed a list of impacted addresses, totalling over $100,000 in BTCs purportedly gone from users’ wallets. With over 3 million active Chivo users, it is unclear whether Bukele would reply to those accusations or attempt to compensate people for their losses.

Following Bitcoin’s record all-time high in November, Nayib Bukele announced $4 million in avails and has since begun the first phase of a score national 400 standard school projects. With over $140 million in trust reserves, the country is on the approach of building its first veterinary hospital and is preparing to become a shining example of Bitcoin success, despite the fact that a substantial number of indigenous companies remain dubious of Bitcoin due to rising concerns.

On a global scale, the IMF and World Bank have both issued strong warnings, forecasting a haze of uncertainty that would drive investors away from the country’s economy as a result of bitcoin volatility.

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Patrick

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