El Salvador is a failed project. For charity, to be admired because he was the first to adopt ₿ as a currency and then he served as an example and many states were able to observe all the implications that there were. But El Salvador sold himself to the IMF for a wagon of billions of course. The project ₿ failed there. The conclusions are that every project ₿ imposed from above cannot work. It doesn't have to be an imposition. Bitcoin must be born from below and not by state taxation. This was the great lesson we had from Elsalvador. States are corruptible.

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Extremely short sighted post. I went to El Salvador in 2021 and paid everything in bitcoin.

They are up 350M on their bitcoin holdings.

The adoption is at like 15% vs 0.1% the rest of the world

Bitcoin was actually born from Below. From El Zonte Bitcoin Beach.

You may not know all the information to have an educated opinion

Bitcoin was born from bitcoin beach but bukele took inspiration from there and imposed it from above. Surely it was a good initiative but recently it sold itself to the IMF and interrupted all bitcoin instructions in schools. A failed project to the great friend my. I followed some Italian guys who went there 2 times and they run a podcast in Italy about bitcoin. The most watched podcast in Italy on bitcoin. The bitcoin italia podcast and they also say that it is a project that has now failed

First he actually did not impose anything. The law was never enforced.

This is a 2 decade play, your podcast guys are very shortsighted too

You have no clue on the situation about the IMF. Unfortunately they needed the loan to maintain government operations. He actually is still buying bitcoin and there are no capital gains on bitcoin. So the imf had basically no real impact aside FUD on people like the podcasters

It's true. It looks like he's still buying. But who tells me that those ₿ are not ₿ already purchased before the agreement with the international monetary fund and he puts them in the budget one at a time every day? Obviously, the billions that were offered to him were an indispensable proposal. Precisely for this reason I tell you that it is enough that they make you the indispensable proposal that you give up. Obvious. Bitcoin must be born from below. El Salvador was a good test, a good example. Hats off. But the goal has failed. The monetary fund won. And bukele preferred billions of dollars to bitcoin 🤷‍♂️ not to mention that the adoption for Salvadorans was zero.

I’d recommend going to El Salvador and talking with the people who have lived there before and after Bukele. Of course politicians are corrupt-able,

but the results speak for themselves.

Your friend Bukele sold himself to the IMF for a wagon of billions. Bitcoin must be born from below as in Africa in some villages. If imposed from above and by state laws it is destined to fail. Politicians are easily corrupted aime' 🤷‍♂️

To my knowledge the bitcoin legal tender laws were never enforced on small businesses. That’s why if you go there you find see that only a small percentage of merchants accept bitcoin.

Was the bitcoin rollout perfect? No.

Did Buckle make a deal with imf? Yes.

But that doesn’t negate the fact that El Salvador went from “murder capital of the world” to a relatively safe country in under a decade. El Salvador is by no means a “failed experiment.”

I assume you have never been there because your perspective is myopic and flawed. No need to go to personal

I've never been there. But I followed people who have been there over and over again. And adoption has never been there. Bukele has only been an attraction for many bitcoiners around the world to go there. But the locals didn't calculate ₿ at all. Adoption of Salvadorans zero. And now it has also been sold to the IMF. Have you noticed that when Bukele talks/talks about ₿ both on social media and in interviews he always speaks in English? Salvadorans don't know English. He addresses an audience other than his citizens. So failed experiment

You’re either just flat out misinformed or trolling. Go see for yourself the future is bright for El Salvador.

Interesting post and while they did start well with a bottom up approach in El Zonte, I think that ES’ major problem was that they didn’t do the volcano bonds in time which made them vulnerable to the IMF. Plus their debt situation kept getting worse despite the #bitcoin adoption. The 4 major lessons imho are

1) #btc adoption doesn’t fix bad financial management.

2) An SBR isn’t ≠ to adoption. See Bhutan for more

3) Given the top down approach, Chivo left a bad taste in the mouth of a lot of newbies & without more user friendly alternatives at the time (not to mention the lack of education about it as well) the trajectory slowed as a result.

4) For nation state adoption to really work, legal tender laws have to be abolished completely

ES’ situation is still salvageable but what remains to be seen is whether they can continue on this path in a post Bukele era. That will be the real litmus test. My two sats

That's right, friend. Just like that...