Based on my research, it is a trap, but I don’t believe it was intentionally designed to deceive Bitcoiners or others out of their money.
What I think happened is this:
On paper, the plan was to legalize Bitcoin, which would encourage Bitcoiners from around the world to flock to El Salvador. The idea was that they'd invest in real estate, start businesses, and contribute to the country's economic growth, making El Salvador wealthier and more powerful.
The reality, however, was different. Many Bitcoiners are young, have established lives and jobs, and lack business experience. A Bitcoiner with millions of dollars probably isn’t interested in relocating to El Salvador just to sit idle many understand Bitcoin, the risks of starting a business in a foreign country, especially one where they don’t speak the language is not worth it.
From the videos I've watched, some Bitcoiners did go to El Salvador, bought homes, only to realize that wages were low, speaking Spanish was essential, and their plans, like selling homemade soap weren’t sustainable. The massive influx of Bitcoiners that was expected never materialized.
Despite the government’s efforts to make Bitcoin succeed and attract Bitcoin enthusiasts, they weren’t able to implement changes quickly enough to make a noticeable impact on the economy.
As a result, many naive Bitcoiners found themselves stuck. Owning expensive real estate, which only foreigners could afford, no job, still dont speak the language, and had very little else going for them. So, a lot of them have started speaking out and leaving.
Additionally, some Bitcoiners seemed to have deluded themselves into thinking that El Salvador would become wealthier and more powerful than the U.S. simply because it adopted Bitcoin.
Bitcoin needs support from powerful institutions and corporations to succeed as they are the ones with all the talent and money.
Did El Salvador intentionally deceive Bitcoiners? I don’t think so. At the start, the idea sounded good on paper, but when reality set in, it became clear that things weren’t going as planned, but the government hasn't completed given up.
I would say if you have a good life in your country don't move to El Salvador, keep working and saving in Bitcoin.
