An Unusual Twist in the Challenge of Mass Crypto Adoption

It’s hard to break old habits for people. Change often meets resistance, even when it’s positive. This resistance is deeply rooted in human nature, a reluctance to step into the unknown. What is this? Fear? This hesitation persists even in the face of financial hardships. Even when people see that those who embrace change find more opportunities for growth and success, they still resist. It’s hard for me to understand. 

This is what I think when I read about the disappointment of El Salvador’s head of state, Nayib Bukele. He admitted in the interview: "Bitcoin has not experienced the widespread adoption we had hoped for."

The global community rejoiced when El Saldavor made Bitcoin legal tender. They hoped it would be an ideal example for other countries. Now it’s time to look back and draw conclusions from this experience.

As a reminder, the country started buying bitcoin on a daily basis in 2022. The timing was perfect – the country was buying dip. It was actively criticized then by many foreign institutions including the International Monetary Fund (IMF). However, by using its Bitcoin strategy, the small country managed to succeed and repay its debt. It attracted tourists from all over the world as the strategy popularized the country and contributed to its image. It’s perceived as a modern tech country now.

However, ordinary people use mostly dollars despite the benefits of using crypto. As you see, the problem of mass adoption has an unusual twist. It’s ironic, but overcoming the resistance of ordinary people may be even harder than resisting the pushback from traditional financial powers. 

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