Napoleon Osorio, a Taxi Driver in El Salvador, made history by becoming the first driver to accept Bitcoin as a form of payment in El Salvador, the first country to legalize cryptocurrency. He credits President Nayib Bukele’s groundbreaking decision to adopt Bitcoin three years ago with turning his life around.
“Before, I was unemployed, and now I run my own business,” Osorio said, explaining how Bitcoin allowed him to transition from unemployment to owning a car rental business with 21 drivers under the “Bit-Driver” brand. He now offers Bitcoin payments for rides using an app, showcasing how a Taxi Driver in El Salvador can thrive in the nation’s emerging cryptocurrency economy.
In 2021, El Salvador’s President Bukele took a bold step by making Bitcoin legal tender to boost the country’s remittance-driven economy. Despite global warnings about the risks of cryptocurrency volatility, the government invested millions in Bitcoin, giving citizens like Osorio the opportunity to prosper. While the Taxi Driver in El Salvador benefited from the rise in Bitcoin’s value, surveys show that 88% of Salvadorans have not yet embraced the currency.
Although Bitcoin has not achieved widespread usage, President Bukele remains optimistic. In a recent interview, he noted that Bitcoin payments are now accepted at major outlets like McDonald’s, supermarkets, and hotels.
However, he emphasized that adoption is voluntary, with those opting to use Bitcoin, like Osorio, profiting from its rise. The government holds approximately $400 million in Bitcoin stored in a public “cold storage wallet,” securing its investment.
