โก๏ธ Latest: Crypto transfers in El Salvador drop 45% in the first quarter of 2025 to $16 million! ๐
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๐ธ๐ป Sharp decline:
Crypto transfers to El Salvador saw a 45% year-on-year decline in the first quarter of 2025, reaching only $16 million. ๐ธ
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๐ค Why this decline?
* Price volatility: The decline is partly attributed to the price volatility of cryptocurrencies affecting their use in transfers. volatile
* Reduced government support: The shrinkage of official government support for adopting Bitcoin as a payment method impacted usage rates. ๐๏ธ
* User preferences: Residents still prefer traditional transfer methods, despite their fees. ๐
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๐ Context:
Crypto transfers accounted for less than 1% of total transfers sent to El Salvador in the first quarter of 2025, as President Bukele had promoted Bitcoin as a means to reduce transfer fees paid by citizens daily. ๐
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โ Do you think this decline will impact El Salvador's future policy towards Bitcoin? ๐ค
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