El Salvador’s Bitcoin Adoption & the Cost to Western Union & Others
CNBC published an article last September stating El Salvador’s adoption of Bitcoin could cost companies like Western Union $400 million – around 70% of the El Salvador population uses/receives remittance payments which Bitcoin does oh so well
El Salvador’s new bitcoin plan could cost money providers like Western Union and others $400 million a year, says President Bukele
“In 2020, El Salvador received nearly $6 billion in remittances, which accounted for about 23% of its gross domestic product.
President Nayib Bukele estimates that money services providers like Western Union and MoneyGram will lose $400 million a year in commissions for remittances, thanks to the country’s bitcoin adoption.
Some 70% of the Salvadoran population receives remittance payments.”
And later in the article – “’It’s a worn-out Twitter saying, but bitcoin really does fix this,’ said Hougan.”
