El Salvador’s Bitcoin Strategy Has Evolved With Bear Market in 2022 According to Cointelegraph

Cryptocurrency adoption has increased in El Salvador in recent years, with the country becoming the first in the world to adopt (BTC) as a legal tender. This landmark decision caught the attention of the global crypto community and sparked discussions about the potential benefits and challenges of widespread adoption.

El Salvador’s controversial move to adopt cryptocurrency would not have been possible had it not been for President Nayib Bukele, who gained international attention after announcing plans to adopt Bitcoin and through the law. The law requires all businesses in the country to accept Bitcoin as a form of payment for goods and services. As a legal tender, Bitcoin now shares the same status as traditional fiat currencies, which worries regulators, economists, and many El Salvadorans.