Bitcoin Use in El Salvador Plummets Over 99%

El Salvador's adoption of Bitcoin as legal tender has seen its usage plummet by over 99.8% since it became the first country to do so in 2021, aiming to boost economic growth and attract investors.

Initially, many citizens and businesses used Bitcoin for daily transactions, but most have reverted back to card payments and now hold it as a long-term investment.

The decline is largely due to government policy shifts, including IMF pressure to remove mandatory Bitcoin acceptance and reduce purchases, which has further decreased daily Bitcoin transactions.

Despite this, El Salvador continues to buy and hold Bitcoin as a treasury asset, reflecting a shift from using it as a payment method to viewing it as a store of value.