Napoleon Osorio proudly claims the title of being the first taxi driver to accept Bitcoin in El Salvador, the first country in the world to make the cryptocurrency legal tender. He attributes his success and transformation from unemployment to entrepreneurship to President Nayib Bukele’s bold decision three years ago.
“Before I was unemployed […] and now I have my own business,” said the 39-year-old Osorio, who now uses an app to charge for rides in Bitcoin and manages his own car rental company.
In 2021, President Bukele took a significant gamble by incorporating Bitcoin into El Salvador’s legal tender. This move aimed to rejuvenate the country’s dollarized and remittance-dependent economy. Despite global warnings about Bitcoin’s volatility, Bukele invested hundreds of millions of dollars of taxpayer money into the cryptocurrency.
Osorio credits John Dennehy, the American founder of the NGO “My First Bitcoin,” with encouraging him to accept Bitcoin payments. This decision proved fruitful, as Osorio now operates 21 drivers under his Bit-Driver brand and has accumulated enough profit to purchase four rental vehicles. As a divorced father of two teenagers, he no longer struggles to afford their education.
Offered as an Option
While Osorio has found prosperity through Bitcoin, the broader Salvadoran population remains skeptical. A study by the University Institute for Public Opinion revealed that 88% of Salvadorans have yet to use Bitcoin. Laura Andrade, the institute’s director, commented, “From the beginning […] it was clear that it was an ill-advised measure that the population rejected.”
A significant portion of El Salvador’s GDP—about one-quarter—comes from remittances sent home by family members, primarily from the United States. However, in 2023, only 1% of these transfers were made using cryptocurrencies.
In an August interview with Time magazine, President Bukele acknowledged the limited adoption of Bitcoin. “You can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin,” he said, but admitted it had “not had the widespread adoption we hoped for.” He emphasized that the adoption of Bitcoin remains voluntary and noted that those who chose to use it have benefited from its rise in value.
Bukele also confirmed that the government holds approximately $400 million in Bitcoin, stored in a public “cold storage wallet” — a secure way to store Bitcoin offline.
A Transformative Journey
Osorio’s journey from unemployment to entrepreneurship highlights the potential benefits of Bitcoin adoption for individuals willing to embrace the technology. His story serves as a testament to the transformative power of cryptocurrency in improving personal financial situations, even in the face of widespread skepticism and limited national adoption.
While many Salvadorans remain hesitant about Bitcoin, Osorio’s success could inspire others to explore the potential of digital currencies. His experience demonstrates how government policies, coupled with individual initiative and external encouragement, can lead to significant economic opportunities.
As El Salvador continues to navigate its experiment with Bitcoin, stories like Osorio’s will play a crucial role in shaping public perception and policy decisions regarding the future of cryptocurrency in the nation.
