Salvador, formerly a global window of Bitcoin, sees his dream crypto cracking. Behind the triumphant tweets and the colored frescoes of Bitcoin Beach, the reality stings: Only 11 % Registered companies are active. While Bukele persists in buying BTC, the law changes, international institutions are pressure, and the actual adoption. One thing is certain: The country is at the crossroadsand digital gold has never weighed so heavy.
The ineffectiveness of the Salvadoral Bitcoin model: a worrying figure
The Salvador model as Bitcoin pioneer comes up against a bitter reality. On 181 Bitcoin providers registered with the central banco of El Salvador, only 20 companies are active. This means that 89 % of companies are inactive. According to BCR data,, 161 providers do not meet the requirements of the Bitcoin lawin particular those relating to cybersecurity, anti-flipping and transparency of assets.
The strict criteria defined by law, as Maintaining a program to combat money laundering (AML)data protection and financial transparency are often ignored. Chivo Walletthe platform supported by the State remains one of the exceptions, but the majority of companies fail to meet regulatory standards.
This gives a clear signal: the ambitions of Salvador on Bitcoin are far from being made on the ground.
IMF and contradictions: the withdrawal of bitcoin as a legal currency
March 3, 2025, The IMF demanded that Salvador to reduce its role in Bitcoin. This is part of an agreement that has enabled the country to receive A loan of $ 1.4 billion. In exchange, Salvador has abandoned the obligation to accept the queen of cryptos as a legal currency. The project to make BTC a common currency now seems to be questioned by international pressure.
However, the Salvadoral government persists in its Bitcoin acquisition strategy, although it contradicts the IMF requirements. According to Joe Nakamoto, an actor of the crypto scene, this situation raises questions:
The IMF has just approved a loan … But at what price?
The country still holds 6,100 BTC, or more than $ 500 million, A volatile asset that could be a problem if Bitcoin prices suddenly drop.
The reality of the adoption of bitcoin: a blatant paradox
The paradox is striking. Although Bitcoin is officially recognized as legal currency, its real adoption in Salvador remains minimal. Less than 10 % of Salvadorians used the Chivo Walletthe government launched to facilitate access to bitcoin. 2022 data reveal that after having received the $ 30 bonusmore than 60 % of users have not even opened the application.
Consequently, the real impact of bitcoin on the economy remains marginal.
In addition, areas like Bitcoin Beachformerly considered as examples of the Bitcoin circular economy, have been faced with rapid gentrification. The inhabitants of these areas have not adopted Bitcoin significantly.
On the contrary, Stablecoins like Tether seem to gain more and more importance For local transactions.
Bitcoin is supposed to transform the Salvadorian economy, but the adoption remains weak.
To remember:
- 89 % of Bitcoin companies in Salvador are not operational, reporting a failure of regulation;
- The IMF imposes restrictions, but the government continues to buy BTC, creating political contradictions;
- Chivo Wallet and other initiatives remain exceptions, adoption by Salvadorates is very low;
- The Bitcoin Beach project shows the limits of the circular economy and is affected by gentrification.
The recent meeting between Trump and Bukele illustrated a major paradox: although Bitcoin is at the heart of the economic policy of Salvador, it was not addressed during the discussions. The future of crypto-shad in the country seems more vague than ever. Between contradictory policy and weak adoption, the future of the BTC in Salvador is pending.
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