El Salvador sees an 89% decline in BTC transactions since its adoption

Bitcoin transactions in El Salvador have dropped by 89% recently, says crypto-related data digging Twitter account CryptoWhale. The outspoken Bitcoin critic believes it is symptomatic of El Salvadorans’ desire to abandon digital currency.

In September of this year, El Salvador declared Bitcoin to be legal tender. Since then, there has been encouraging news about Bitcoin adoption in the country. According to reports, the citizens have more Bitcoin wallets than traditional bank accounts, with over 3 million downloads of the government-backed Chivo wallet.

Many countries are getting inspired by the actions of president Nayib Bukele. Brazil in October hinted at its plans to adopt BTC as its legal tender.

The use of Bitcoin for both cross-border remittances and local payments has been increased in the country. People are genuinely using Bitcoin in the country, as per the managing director and creator of High Tech Founder Fund Alexander von Frankenberg, who visited the country a while back.

Cryptowhale: El Salvador may eventually abandon Bitcoin

Among the positives, though, several concerns have been expressed. Bitcoin transactions in El Salvador have decreased by 89% since it was made legal tender, according to analyst CryptoWhale. Using this metric, he claims that it is obvious that users do not want to use Bitcoin since the network’s problem of high transaction fees and poor transaction times has rendered it obsolete.

https://twitter.com/CryptoWhale/status/1475473590183206916

People don’t want to use outdated technology with high fees and long transaction times, as CryptoWhale pointed out in a tweet. He goes on to say that it’s past time for El Salvador’s people to abandon Bitcoin in favor of other cryptocurrencies with “real utility.”

CryptoWhale’s observations and criticisms of El Salvador’s Bitcoin adoption are just the latest in a long line of criticisms the country has faced and appears to ignore. This is not the first time someone is criticizing the country’s actions. Before this, Ethereum’s co-founder Vitalik Buterin also recently criticized the adoption strategy of El Salvador.