El Salvador President Nayib Bukele told TIME that Bitcoin adoption has brought “branding, investment, and tourism” to the country. However, the cryptocurrency has yet to gain widespread adoption.

- In 2021, El Salvador adopted Bitcoin as legal tender and began purchasing it as a treasury asset.

- Bukele noted that the positives outweigh the negatives, despite lower-than-expected adoption.

- The country also plans to issue Bitcoin-backed bonds and offers citizenship by investment.

Bukele emphasized that El Salvador was a “pioneer,” with many Wall Street firms now offering Bitcoin-related investment products.