Has the deployment of Bitcoin in El Salvador been a success? Mike Novogratz says it will be clear on that date

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Billionaire Mike Novogratz says the technical issues that have hampered Bitcoin’s deployment in El Salvador are just plain problems.

In a new Bloomberg TV interview, the CEO of Galaxy Digital said it may take some time to determine whether the Central American nation has made the right choice in adopting Bitcoin as legal tender.

[2:45] “I think what’s unique about El Salvador is that… 20% of their GDP comes from remittances, and so you can see a lot of those remittances (people sending Bitcoin back across the oceans)… and the inhabitants [are] either by keeping Bitcoin … or by converting it and spending it in the local economy. We will see, maybe it will be used as a transaction currency.

[4:48] Every time you launch a new technology there are issues and so I guess the real question is to come back in six weeks or 12 weeks and let’s talk about how it works for the people of El Salvador, for the system. himself.

But the billionaire is optimistic that El Salvador embracing Bitcoin will eventually work.

[5:05] I remember when Obama launched Obamacare. It was kind of a disaster for a little while and they fixed the issues. Doing things on a large scale is not easy, so I have no doubts that they will succeed.

In May, Galaxy Digital Holdings agreed to buy the California-based crypto unicorn BitGo which developed El Salvador’s official Bitcoin wallet, Chivo. El Salvador can choose to use other crypto wallets, but only those who download Chivo will get the $ 30 in BTC promised by the government.

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