The World Bank and the International Monetary Fund opposed it. The credit ratings agency Moody's downgraded El Salvador's rating because of it, and others issued warnings.

Making the case for Bitcoin, Bukele says it will save Salvadorans hundreds of millions of dollars in transaction fees. Remittances from Salvadorans working abroad make up more than 20% of the country's GDP. Most people don't have bank accounts and work in the informal, cash economy, so they have to pay steep fees to cash the checks from relatives abroad.

Bukele says the Bitcoin economy will also attract foreign investment and bring a wave of growth and development.