Before Gerardo Linares and his girlfriend Evelyn Lemus learned about Bitcoin, they worked as digital nomads for American companies in El Salvador.
They were interested in Bitcoin after the country’s official recognition as legal tender in June 2021. So they started going to meetings in San Salvador and El Zonte to learn more about this currency.
They noted that while many foreign visitors and bitcoin enthusiasts were drawn to their country by the fact that bitcoin was legal tender, relatively few locals used bitcoin outside El Zonte and San Salvador. They left their jobs as digital nomads to change that, and after a trip that took them to Berlin, a small mountain town two hours east of San Salvador, they settled there.
With many one-on-one conversations and guidance, they were initially able to get seventeen salespeople on board. Desiring more tourism, these early Berlin merchants were open to this new payment trail.
The majority of retailers and merchants in Berlin were aware of Bitcoin’s popularity and its ability to attract tourists to El Zonte, a small surf town three hours outside Berlin and thirty minutes outside San Salvador.
Gerardo clarified that the requirement to hire owners disappeared completely once they reached a tipping point of about 50 stores, because store owners and operators started approaching them to inquire how they could accept Bitcoin.
The popularity and excitement generated by El Zonte undoubtedly contributed significantly to Bitcoin adoption. From now, more than 100 shops and merchants in Berlin accept cryptocurrency, which according to Gerardo represents almost 25% of all shops and businesses in the city.
El Salvador’s venture into cryptocurrency, especially Bitcoin, has taken a significant step in the country’s financial landscape. Since the adoption of Bitcoin as legal tender, El Salvador has witnessed a steady increase in its use for various transactions. The government’s initiatives such as installing Bitcoin ATMs and introducing the Chivo wallet have played a crucial role in promoting its use. Despite challenges such as market volatility and diverse public reception, El Salvador’s approach to integrating cryptocurrency into its economy represents a groundbreaking step in the global financial field.
More than 10% of El Salvador’s population used bitcoin in 2023
A study by the Institute of Public Opinion of the Central American University José Simeón Cañas (Iudop) in El Salvador showed that more than 10% of the population used Bitcoin (BTC) in 2023.
The survey, conducted from December 9 to 22, 2023, aimed to assess the economic situation of the country, including the impact of Bitcoin on the household economy. It found an increase in the use of Bitcoin for purchases and payments, with 40% of users using it three to 50 times in 2023, mainly in supermarkets and for food. The results highlight a growing trend of Bitcoin as a means of payment in El Salvador.
