Bank of America Believes Bitcoin Adoption in El Salvador Could Increase Disposable Income
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Bank of America sees some key opportunities that Bitcoin can offer El Salvador. The bank claims that the introduction of the world’s largest cryptocurrency could reduce remittance costs, which account for nearly a quarter of the tropical country’s GDP. This, in turn, could significantly increase the disposable income of Salvadorans. Another advantage would be the ability to provide banking services to the unbanked. According to statistics, currently about 70% of El Salvador’s citizens do not have access to bank accounts. Finally, El Salvador could attract foreign direct investment (FDI) flows by becoming a major Bitcoin mining hub from countries like Iceland. |
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