Bank Of America Sees Opportunities With El Salvador’s Bitcoin Adoption

Nayib Bukele, President of the Central American country El Salvador, tweeted yesterday screenshots of an economic viewpoint report by the Bank of America (BofA). Along with detailing why the bank is constructive on the outlook for El Salvador’s economy, the report also outlined the opportunities Bitcoin adoption as legal tender might bring for the country.

BofA said it recognizes how cross-border remittance inflows, which account for a substantial 24% of El Salvador’s gross domestic product (GDP), could benefit from utilizing bitcoin. The Bank of International Settlements estimates that the average cost of such remittance is over 10%, which bitcoin could reduce.

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