{"id":9987,"date":"2023-11-09T09:20:19","date_gmt":"2023-11-09T15:20:19","guid":{"rendered":"https:\/\/cuernosoft.com\/remesas-en-bitcoin-a-el-salvador-crecieron-mas-de-1-000-en-dos-anos\/"},"modified":"2025-05-22T13:53:06","modified_gmt":"2025-05-22T19:53:06","slug":"bitcoin-remittances-to-el-salvador-grew-more-than-1000-in-two-years","status":"publish","type":"post","link":"https:\/\/cuernosoft.com\/en\/bitcoin-remittances-to-el-salvador-grew-more-than-1000-in-two-years\/","title":{"rendered":"Bitcoin remittances to El Salvador grew more than 1,000% in two years."},"content":{"rendered":"\n
\"\"\/<\/figure>\n\n\n\n

Although there was a decline in 2023, the sending of remittances in bitcoin to El Salvador increased substantially since BTC became legal tender.<\/p>\n\n\n\n

Remittances sent in cryptocurrencies to El Salvador have experienced growth of more than 1000% over the past two years.<\/p>\n\n\n\n

Figures published by the Central Reserve Bank of El Salvador (BCR) and data available from 2021 to date show how funds sent in cryptocurrencies have increased<\/strong>, going from USD 424,000 at the beginning of 2021 to more than USD 95 million in 2022, and from there to about USD 65 million up to September 2023.<\/p>\n\n\n\n

And although the most recent information from the BCR shows a year-on-year decrease of more than 30% between 2022 and 2023, the trend indicates that what has been happening is stabilization<\/strong>, since the percentage of remittances in cryptocurrencies has remained between 1.1 and 1.5% during the first three quarters of this year.<\/p>\n\n\n\n

This stability indicates that there is no growth in the base of cryptocurrency users sending remittances, who on average move about USD 7 to 8 million in bitcoin per month, as shown in the following table:<\/p>\n\n\n\n

<\/td>Year 2023<\/strong><\/td>Amount sent in BTC in millions of dollars<\/strong><\/td><\/tr>
<\/td>January<\/td>USD 8.37<\/td><\/tr>
<\/td>February<\/td>USD 7.61<\/td><\/tr>
<\/td>March<\/td>USD 8.53<\/td><\/tr>
<\/td>April<\/td>USD 7.45<\/td><\/tr>
<\/td>May<\/td>USD 7.69<\/td><\/tr>
<\/td>June<\/td>USD 7.01<\/td><\/tr>
<\/td>July<\/td>USD 6.48<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

It is also observed that this percentage of bitcoin remittances has exceeded 2% in these two years<\/strong>, with a peak of 2.5% recorded in May 2021.<\/p>\n\n\n\n

It should be noted that, although these percentages are low, they are considered an important advance in adoption<\/strong>, as highlighted by Salvadoran entrepreneur M\u00f3nica Taher during a conference. This is considering that bitcoin remittances always represent a small fraction of the total sent. In fact, data from 2019 placed the percentage of remittances in cryptocurrencies sent to El Salvador at 0.1%<\/strong>.<\/p>\n\n\n\n

This was stated by John Dennehy, founder of the Salvadoran project Mi Primer Bitcoin, for whom \u201cit is quite an achievement\u201d that now an average of more than 1% of remittances are counted in cryptocurrencies.<\/p>\n\n\n\n

\n

Less than 2 years ago that number would have been below 1%. So to go beyond that during a bear market is not a disappointment, it is an incredibly impressive growth and an extremely positive outlook for the future. <\/em>John Dennery, founder of the NGO Mi Primer Bitcoin.<\/em><\/p>\n<\/blockquote>\n\n\n\n

Bitcoin remittances deflate in 2023<\/h2>\n\n\n\n

According to statistics just published by the BCR, the percentage of bitcoin remittances sent to El Salvador between January and September 2023 represented 1.1%, a figure that shows a decrease compared to the same period in 2022 when the percentage was calculated at 1.7%.<\/p>\n\n\n\n

Thus, the data indicate that the monthly income received through cryptocurrency wallets has been lower in 2023<\/strong> compared to 2021 and 2022. The decline contrasts with an increase of more than 30% in remittances received by other means, with an increase in shipments from the United States, Canada, Spain, Italy, and the United Kingdom in the third quarter of the year.<\/p>\n\n\n\n

It should be taken into account that in 2021 the surge in BTC remittances was related not only to the adoption of the digital currency in El Salvador, but also to a rise in its price which reached an all-time high of nearly USD 70,000<\/strong>. That rise was followed by a prolonged bear market that lasted for most of 2022.<\/p>\n\n\n\n

Even before the approval of bitcoin as legal tender, El Salvador was already experiencing an increase in the flow of funds with the cryptocurrency<\/strong>, through remittances sent by Salvadorans from other countries.<\/p>\n\n\n\n

It is also worth noting that the B","protected":false},"excerpt":{"rendered":"

Although there was a decline in 2023, the sending of remittances in […]<\/p>\n","protected":false},"author":1,"featured_media":9011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105],"tags":[],"class_list":["post-9987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-en"],"yoast_head":"\nRemesas en bitcoin a El Salvador crecieron – Agencia de Marketing en El Salvador<\/title>\n<meta name=\"description\" content=\"Although there is a decline in 2023, remittances sent in Bitcoin to El Salvador have increased substantially since BTC became a currency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cuernosoft.com\/remesas-en-bitcoin-a-el-salvador-crecieron-mas-de-1-000-en-dos-anos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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