Bitcoin Payments Plummet at Bitcoin Beach

Bitcoin payments have nearly disappeared in El Zonte, a beach town in El Salvador known as Bitcoin Beach. According to Jon Atack, a Bitcoin Core developer living in the country, his recent payment was the first bitcoin transaction he made there in over a month. Vendors in the area now see almost all customers paying by card, which signals a sharp decline in everyday use of bitcoin despite El Salvador's pioneering bitcoin law.

Experts suggest that many users hoard bitcoin, expecting price increases, rather than using it as a regular currency. This behavior discourages its adoption and undermines the goal of a circular economy with bitcoin.