• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight

Bank Of America Sees Four Upsides In El Salvador’s Bitcoin Adoption

Anifowoshe Ibrahim
by Anifowoshe Ibrahim
4 years ago
·
Posted in Bitcoin Acceptance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bank Of America has said that it sees how El Salvador’s adoption of Bitcoin could help the Island country.

President Bukele Agrees With Bank Of America

President Nayib Bukele of El Salvador, a Central American country, tweeted yesterday screenshots of a Bank of America economic outlook report (BofA). Along with explaining why the bank is optimistic about El Salvador’s economic prospects, the paper also underlined the benefits that Bitcoin acceptance as legal cash could offer to the country.

The paper, which was released on July 26, discusses El Salvador’s general economic outlook, with the part in question focusing on remittances, digitization, and company operations.

BofA acknowledges how bitcoin could improve cross-border remittance outflows, which account for a significant 24 percent of El Salvador’s gross domestic product (GDP). According to the Bank of International Settlements, the average cost of such a remittance is above 10%, which bitcoin might lower.

Some of the opportunities @BankofAmerica sees with El Salvador’s #Bitcoin adoption: pic.twitter.com/5E63FM4TAF

— Nayib Bukele (@nayibbukele) August 1, 2021

“Using Bitcoin for remittances could potentially reduce transaction costs compared to traditional remittances channels,” BofA said. “If using Bitcoin indeed lowers transaction costs, then for every dollar that the Salvadoran diaspora send home, a greater portion of that dollar could be received by recipients, increasing their disposable income and reducing the proportion of remittances lost to financial intermediaries.”

According to the paper, another beneficial effect Bitcoin may have on Salvadorans is the ability to bank the unbanked. Because more than 70% of El Salvador’s adult population lacks access to traditional banking, Bitcoin has the potential to democratize electronic payment access –– a “progressive touch.”

Furthermore, according to BofA, adopting Bitcoin legal tender in El Salvador provides more options to the country’s citizens, including consumers and retailers, who may select which monetary standard they choose to deal and save under.

“Bitcoin’s adoption could also bring [foreign direct investment] flows into El Salvador,” the report said. “There could be FDI from Strike (developer of the payments platform), Bitcoin miners, ATM manufacturers, among other types of firms.”

While the research goes into great length on the possible benefits of adopting the bitcoin standard for El Salvador, it’s worth remembering that Bank of America recently stated that bitcoin’s sole feasible use-case is price speculation.

Similarly, earlier this year, Bank of America released the results of its fund manager survey, which found that ‘long bitcoin’ was named as the most overcrowded trade by 36% of those polled.

Related article | President Nayib Bukele Explains El Salvador’s Bitcoin Law

A Bold Move By El Salvador

El Salvador has used the US dollar as its national currency since abandoning the colon in 2001. When President Bukele announced his ambitions to make bitcoin legal tender, he shocked the globe. On June 8, a supermajority of the country’s legislature enacted his Bitcoin Law, which will go into effect on September 7. El Salvador became the first country to use the bitcoin cryptocurrency as its legal currency.

Bukele’s choice to use bitcoin was greeted with both delight and apprehension. It was symbolic of mainstream adoption and more positive things to come for crypto aficionados, as other Latin countries, such as Paraguay, hinted at developing their own cryptocurrency plans.

Meanwhile, close to 83% of El Salvador residents don’t want to receive their remittances in the oldest cryptocurrency, according to a recent survey.

bank of america

BTC/USD slumps back to $39k after retesting $40k. Source: TradingView

Related article | Prominent Economist Warns Of International Sanctions Over El Salvador’s Bitcoin Law

Featured Image from Pixabay - Charts by TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Follow

Full Profile

Related Posts

cena bitcoinu nove historicke maximum ATH 123 tisíc dolárov

Cena Bitcoinu dnes vyskočila nad 123 000 $. Začína „krypto týždeň“

1 month ago
Brazil

Brazil Reports Record 3.3 Million Crypto Users In June As Bitcoin Adoption Surges

2 years ago
Brazil

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

2 years ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Adoption To Grow 50% By 2025, This Report Claims

2 years ago
McDonald

McDonald Set To Accept Payments In Tether And Bitcoin In Lugana, Switzerland

2 years ago
Bitcoin

Bitcoin Is ‘Comforting’ And ‘Can’t Be Stopped,’ U.S. Senator Says

2 years ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    2 days ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    2 days ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    3 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.