El Salvador makes history

  • El Salvador’s President Nayib Bukele believes the “bitcoin process” will still be a “learning curve.”
  • Despite a handful of reports suggesting the Salvadoran government stumbled on adoption day, President Bukele clarified the slow start in a tweet, saying the government-provided Chivo digital wallet was only briefly offline to increase server capacity.
  • Aiding El Salvador’s adoption of bitcoin, the Salvadoran government has created a $150 million bitcoin trust to facilitate merchants and to mitigate risk.
  • According to El Salvador’s Minister of Economy, María Luisa Hayém Brevé, the trust will convert bitcoin to dollars in real time, which will allow local merchants to offset their risk exposure to bitcoin.
  • Some Salvadorans have taken to Twitter to celebrate their first transactions made with bitcoin at franchises like Starbucks and Mcdonald’s.

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