El Salvador taxi driver builds business with Bitcoin gains

An entrepreneurial taxi driver in El Salvador, Napoleon Osorio, has transformed his financial situation by leveraging Bitcoin (CRYPTO:BTC) to build a car rental and taxi company, BitDriver.

The 39-year-old used the growth in Bitcoin prices to move from unemployment to running his own business within three years, becoming an advocate for Bitcoin as a payment tool in the process.

Osorio's journey began with the adoption of Bitcoin, the cryptocurrency that became legal tender in El Salvador in 2021.

He claims his firm is the first taxi company in the country to accept BTC as payment.

With profits from Bitcoin price surges, Osorio has expanded his business to include 21 drivers and has purchased four rental vehicles.

His success has allowed him to cover personal expenses, such as funding his children's education, without financial strain.

Osorio credits American Bitcoin advocate John Dennehy, founder of the NGO My First Bitcoin (Mi Primer Bitcoin in El Salvador), for encouraging him to accept cryptocurrency payments.

His affiliation with the organisation, which promotes Bitcoin education in El Salvador, has also boosted his profile.

Osorio recently shared a photo of himself on Instagram in a Salvadoran Presidential office, indicating his growing influence within the community.

While Osorio's story is one of success, the broader picture of Bitcoin adoption in El Salvador remains mixed.

According to Laura Andrade, Director of the University Institute for Public Opinion, the population largely rejected Bitcoin adoption from the outset, describing it as an "ill-advised measure."

A study from the same institution revealed that 88% of Salvadorans have yet to use Bitcoin, suggesting that while some individuals like Osorio have benefited, widespread adoption has not yet materialised.

President Nayib Bukele, who spearheaded the Bitcoin adoption initiative, claims that the government holds around $400 million worth of Bitcoin in offline wallets.

Despite the mixed reception, Osorio's experience showcases how some Salvadorans are capitalising on Bitcoin’s volatility to drive economic opportunities and business growth.

At press time, the Bitcoin (BTC) price was $55,135.59.