A year in, it’s clear the move is failing. Almost no one in the country is using Bitcoin, and the few who bought after Bukele made it legal tender would’ve lost big: Bitcoin has dropped 61% since September 2021. In a country where many live on less than $10 a day, he spent hundreds of millions of dollars to turn himself into a crypto influencer just in time for the crypto crash. Behind the debacle was a small group of evangelists from wealthier countries—startup CEOs, influencers, grifters. They enlisted an entire country in a publicity stunt and cheered on Bukele even as he ordered mass arrests and packed the Supreme Court, which subsequently ruled he could run for reelection despite a constitutional ban. Salvadorans are still dealing with the consequences.
Source: El Salvador’s Bitcoin ‘Revolution’ Is Failing Badly – Bloomberg
