Bitcoin adoption in El Salvador is lagging behind that in Argentina, according to a note sent to investors by Ark Invest research associate David Puell on Monday.

El Salvador hit the headlines in 2021, giving bitcoin legal tender status. However, the nation's actual adoption of the cryptocurrency paints a mixed picture, according to Puell.

Puell pointed to comments from Signum Growth Capital CEO Angela Dalton during a recent podcast with Ark, sharing her observations from a trip to the Central American nation. “Awareness is high, yet usage is still low, … but there is a general sense of pride in the population that El Salvador is an early adopter of new technologies,” Dalton said. 

However, tourist destinations, such as Bitcoin Beach in El Zonte, are exceptions, showcasing a more …