Napoleon Osorio proudly holds the title of being the first taxi driver to accept bitcoin as payment in El Salvador, the first country to adopt the cryptocurrency as legal tender.
This decision, made by President Nayib Bukele three years ago, has profoundly impacted Osorio’s life.
Once unemployed, Osorio now operates his own business, accepting bitcoin payments through an app and running a car rental company.
He credits John Dennehy, the US founder of the NGO My First Bitcoin, for encouraging him to embrace cryptocurrency. Osorio’s success includes 21 drivers under his Bit-Driver brand and the ability to buy four rental vehicles, all while supporting his two children’s education.
Bukele introduced bitcoin as legal tender on September 7, 2021, aiming to integrate the 70% of Salvadorans without bank access into the financial system. He launched the Chivo Wallet app, incentivizing users with $30 to encourage bitcoin transactions.
Despite warnings from global institutions about the volatility of cryptocurrency, Bukele invested hundreds of millions in public funds in bitcoin.
Although Bukele’s bitcoin ambitions faced resistance from the International Monetary Fund (IMF), which delayed a $1.3 billion loan, recent developments in August 2024 show the IMF reached a preliminary loan agreement with El Salvador, while still advising caution to manage potential risks.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
