In the article I wrote a couple of months back here
https://www.finlightened.com/is-the-world-adopting-bitcoin/ I have talked about why El Salvador has chosen to adopt Bitcoin - it is primarily to save money on remittance fees. A significant chunk of their population depends on remittance from the US, and savings on FOREX transfer fees can be huge for them.
What FOREX fees would pay a guy who sends the money he earns in the US which obviously are $ to Salvador which also uses the $.
There are no FOREX fees as there is no change in the currency transacted.
Yeah, and again -- totally not a hater of whatever's been going on in El Salvador. I think it's brilliant, just that it's made out to be a lot more brilliant than it really is, and we end up praising a man we don't know much about (or I don't except how he's plastered all over crypto media with influencers shaking hands).
The only thing I dislike in this is the constant propaganda from Bukele and how he tries to piggy-ride on bitcoin.
He claims he is building a $4 million pet hospital with the profits from bitcoin while he keeps silent about how his government just issued 400 million in bonds to cover the fiscal deficit this year. You have no money to run your normal human hospitals and you need to borrow money yet to brag on Twitter about pet hospitals. For me, this is just going over some lines you really shouldn't cross.