Bitcoin Payments Plummet at El Zonte's 'Bitcoin Beach'
El Zonte, known as 'Bitcoin Beach', has seen a significant drop in everyday bitcoin payments. According to John Attak, a Bitcoin Core contributor who moved to El Salvador in 2022, he paid for lunch at a local restaurant with BTC and was told by an employee it was the first bitcoin payment there in a month.
Attak reported that most customers now pay by card, and when he tried to leave a tip in satoshis, the employee had forgotten how to use the bitcoin app. The employee described the bitcoin payment scene as 'dead', having watched over the past 3 years as a local bitcoin payment culture formed and then disappeared again.
Despite this, some travellers who visited the area said they were able to pay in bitcoin without problems, and signs saying bitcoin payments are available remain around the town. However, the gap between bitcoin's symbolism and actual usage has widened.
The outlet cited a change in perception that views bitcoin as a savings asset rather than cash, with holders increasingly inclined to see it less as money to use and more as an asset held in expectation of price gains. This is economically disadvantageous if spending BTC when price gains are expected, according to Juan Galt, a bitcoin journalist.