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.”




Master Asked on June 24, 2022 in Bitcoin.
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