Napoleon Osorio takes pride in being the first taxi driver in El Salvador to accept Bitcoin, the first country to legalize cryptocurrency as tender.
He attributes his transformation from unemployed to business owner to President Nayib Bukele’s decision to adopt Bitcoin three years ago.
“Before I was unemployed […] and now I own a business,” stated Osorio, who uses Bitcoin to operate his taxi service and car rental company.
President Bukele’s move to introduce Bitcoin as a legal tender aimed to boost El Salvador’s economy, which relies heavily on remittances and uses the U.S. dollar as its official currency.
Despite global caution about Bitcoin’s volatility, Bukele invested heavily in the cryptocurrency, using public funds.
Osorio also praised John Dennehy, founder of the NGO “My First Bitcoin,” for encouraging Osorio’s adoption of Bitcoin payments.
Now, Osorio’s venture, Bit-Driver, employs 21 drivers, and profits from Bitcoin have enabled him to expand his fleet to four rental cars.
Osorio, a divorced father of two teens, no longer faces challenges in financing their education.
Although Osorio has thrived with Bitcoin, a study revealed that 88% of Salvadorans have not used it.
In an August interview with Time magazine, Bukele conceded that Bitcoin has not seen the adoption he anticipated, although he noted, “you can go to a McDonald’s, a supermarket, or a hotel and pay with Bitcoin.”
He emphasized the voluntary nature of Bitcoin usage in El Salvador, claiming those who chose to adopt it have seen benefits from its appreciation.
Bukele also disclosed holding about $400 million in Bitcoin in a public “cold storage wallet,” which secures the funds offline.
