From Unemployment to Successful Entrepreneur Salvadoran Taxi Drivers Life Turnaround Due to Bitcoin Policy
According to an interview conducted by the Economic Times, in San Salvador, the capital of El Salvador, 39-year-old Napoleon Osorio has become the country’s first taxi driver to accept Bitcoin as payment. Since President Nayib Bukele declared Bitcoin as legal tender on September 7, 2021, Osorio’s life has completely changed. From being unemployed to running a successful car rental company, Osorio attributes everything to the application of Bitcoin.
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From Unemployment to Entrepreneurship: Bitcoin Changes Destiny
Positive Case: El Salvador Makes Bitcoin Economy Work
Parallel to the US Dollar Economy, Bitcoin Facilitates Financial Inclusion
From Taxi Driver to Entrepreneur: Osorio’s Transformation Story
“I used to be unemployed… but now I have my own business,” recalls Osorio. Three years ago, El Salvador adopted Bitcoin as legal tender, transforming him from an unemployed person to the owner of a car rental company, Bit-Driver, with 21 drivers.
To promote the use of Bitcoin in El Salvador, Bukele launched the Chivo Wallet application, which provides free Bitcoin transaction services and offers $30 worth of Bitcoin to each new user.
However, this measure has also raised concerns from the International Monetary Fund (IMF), which worries that the official adoption of Bitcoin may affect the economic stability of El Salvador and initially hindered the approval of a $1.3 billion loan. Despite this, the IMF announced in August this year that it had reached a preliminary loan agreement with El Salvador, but emphasized the need to mitigate related risks.
Osorio believes that President Nayib Bukele’s bold move to incorporate Bitcoin into El Salvador’s US dollar economy is the key to his success. Bukele invested hundreds of millions of dollars of taxpayer funds into cryptocurrencies to promote economic recovery. Despite warnings from global financial institutions about the high volatility of cryptocurrencies, the purpose of this move is to enhance financial inclusion and allow the 70% of Salvadorans without bank accounts to enter the financial system.
Osorio also mentioned the inspiration he received from John Dennehy, the founder of the US nonprofit organization “My First Bitcoin,” which led him to accept Bitcoin payments. Today, Osorio’s company profits from the rising price of Bitcoin and has further expanded its business by purchasing four additional taxis, and he can even afford to pay for his children’s education. This former taxi driver’s success story demonstrates how Bitcoin has become a tool for changing destinies and allows more Salvadorans to see new possibilities for financial inclusion.
Bit-Driver
El Salvador
Taxi
Further reading
Nayib Bukele on Time Magazine Cover: How Strongman Politics Changed El Salvador?
Bitcoin Office in El Salvador Launches “Bitcoin Education Program” to Provide Education and Certification to 80,000 Public Employees
