Remittances through cryptocurrency wallets to El Salvador are down 19.1%.
State financial entity statistics indicate that remittances received reached 6.77 million dollars in January 2024, which was 8.37 million in January 2023. El Salvador's household remittances received through cryptocurrency wallets fell 19.1% last January compared to the 21st month of 2023, according to data from the Central Reserve Bank.
If we go back to the past few years we have seen the growth of their remittances through the use of cryptocurrencies especially bitcoin. One of the surveys found that there was a 13.4 million US dollar increase in the value of personal remittances over the previous year. Which was a 5.11 percent increase. in November 2023 It increased from 651.10 million to 789.96 million in December. In And this continuity continued. But I am not worried if the remittances have decreased a bit in recent times. Bitcoin is likely to have a bull run soon. So the number of Bitcoin holders definitively will be increased. Otherwise Bitcoin market volatility could also be a factor. But I hope that the steps Bukele has taken for Bitcoin adoption, if not visible in the short term, will definitely play a big role in economic development in the long term.