El Salvador Turns Profit With Bitcoin, But Most Citizens Don’t Use It
El Salvador made headlines in 2021 by becoming the first country to buy and use Bitcoin as official money alongside the US dollar.
This bold move, led by President Nayib Bukele, put over 6,200 Bitcoins into government hands at an average buy price of about $42,000 per coin.
With Bitcoin trading at over $122,000 in July 2025, El Salvador’s Bitcoin stash is now worth around $760 million according to official statistics, more than double what the country paid.
Despite these profits, government records and official surveys show very few everyday Salvadorans use Bitcoin. In 2024, just 8 percent said they had used Bitcoin for any transaction, while nearly everyone else continued to rely on US dollars.
The government made Bitcoin optional in 2025 after international lenders expressed concerns about risk. Many businesses no longer accept it, and Bitcoin cannot be used for taxes.
Some government-run Bitcoin projects, like a public animal hospital, attracted attention but later shut down following scrutiny over high costs and poor results. Other plans, including a special “Bitcoin City” and digital gambling ventures, fell apart or stalled.
El Salvador’s Bitcoin Experiment
On the positive side, El Salvador’s big gamble has boosted its cash reserves and put the country in the global spotlight. The government’s Bitcoin profits now give it more financial flexibility than most countries its size.
International researchers and central banks watch closely, as this is the first large-scale experiment in using digital currency at a national level.
But the real benefit for ordinary Salvadorans remains unclear. Most avoid Bitcoin, worried about price swings or simply preferring what they know.
For now, El Salvador’s government enjoys a rare profit, yet its people still wait to see real changes in daily life. The country’s Bitcoin journey remains an uncertain but deeply informative test for others considering bold moves with digital money.
More: Latin America news in English, every day from The Rio Times.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief