El Salvador's El Zonte Ditches Bitcoin for Card Payments

El Zonte in El Salvador has seen a significant decline in Bitcoin usage since it became the country's legal tender in 2021.

The shift away from Bitcoin is largely due to an increase in card payments, with most transactions now made using credit or debit cards.

Merchants have described Bitcoin as 'dead', reflecting their dwindling acceptance of the cryptocurrency despite its official status.

This trend follows changes in El Salvador's laws allowing merchants to opt out of accepting Bitcoin, aligning with IMF agreements set for 2025.

The decline in Bitcoin adoption may impact the broader market and price outlook, with observers waiting to see how regulatory changes affect its utility and value.