El Salvador's Bitcoin Adoption Shows Significant Progress, Report Finds

According to Odaily, a report authored by Matthew Sigel, Head of Digital Asset Research at VanEck, evaluates El Salvador's experience with Bitcoin and its positive impacts. The report highlights that nearly 8% of Salvadorans are expected to use Bitcoin for transactions in 2024. This marks a significant step forward for a country traditionally characterized by low electronic payment adoption rates. Additionally, the nation's Bitcoin reserves now account for 1.6% of its GDP. VanEck's analysis suggests that El Salvador could emerge as a strategic partner for the United States in forming regional alliances. This potential partnership is attributed to former President Trump's strong support for Bitcoin and a focus on reshoring and supply chain considerations. The report underscores the importance of El Salvador's growing engagement with Bitcoin, which could influence broader economic and geopolitical dynamics in the region.