Three years after El Salvador’s president, Nayib Bukele, made Bitcoin a legal currency, the country has become a growing hub for cryptocurrency.
One of the citizens who has benefited from this is Napoleon Osorio, a 39-year-old taxi driver, who is happy to be one of the first people in El Salvador to accept Bitcoin as payment for his services, and it has changed his life.
Before Bitcoin, Osorio was unemployed, but now he owns his own taxi and car rental business.
“Before I was unemployed… and now I have my own business,” said the 39-year-old
Osorio’s journey into the world of Bitcoin began when he was introduced to the idea by John Dennehy, founder of the NGO My First Bitcoin.
With this, he took a leap of faith to try this new form of payment, and it paid off. Using a mobile app to accept Bitcoin, he soon expanded his business.
Today, he runs a company called Bit-Driver, employing 21 drivers and even purchasing 4 rental cars with profits he earned from the Bitcoin price rise.
Bitcoin’s Adoption in El Salvador
El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021. President Bukele aimed to improve financial inclusion for the 70% of Salvadorans without access to traditional banking services.
He recently introduced the Chivo Wallet, a digital platform that allows people to send and receive Bitcoin for free, and even offered new users $30 worth of Bitcoin to encourage them to start using it.
Despite concerns from global organizations like the International Monetary Fund (IMF) over Bitcoin’s volatility, the country has pressed forward with its crypto initiatives.
While many Salvadorans have yet to fully embrace Bitcoin, with studies showing that 88% of the population hasn’t used it, those who have, like Osorio, have seen benefits.