Analyst Says Bitcoin's Decline Will Continue, Answers the Question "What is Needed for the Rally to Start?"

The analyst said that Bitcoin could continue to trend downward until the end of 2024.

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I have been very often critical of Bukele, especially of the state spyware Chivo Wallet, and of the statist propaganda of many bitcoiners who portray El Salvador as "Bitcoin heaven."

I must admit that it is good to read the president admit in his TIME interview that the adoption of Bitcoin in the country has NOT been the success that was expected.

Truth always wins.

TIME: I also want to ask you about the adoption of Bitcoin in El Salvador. (…) In your opinion, has it been a success?

BUKELE: Yes and no; a lot more could definitely be done. Bitcoin hasn't had the widespread adoption we hoped for. (…) It hasn’t had the adoption we expected. The positive aspect is that it is voluntary; we have never forced anyone to adopt it. (…)

For me, it is an option we have given to Salvadorans. I'm not going to say it's the currency of the future, but there's a lot of future in that currency.

TIME: You bet a lot on Bitcoin.

BUKELE: El Salvador invested $135 million. Now, we have $400 million in Bitcoin in the public wallet alone. (…) I feel that it could have worked better, and there is still time to make some improvements, but it hasn’t resulted in anything negative. On the contrary, it gave us branding, it brought us investments, it brought us tourism. (…)

In the end, the fact of being a “First Mover,” I think, gives us a small advantage, as far as it goes. I feel that it could have been much better. I wouldn't consider it a resounding success. Still, I do believe that the positive outcomes outweigh the negative.

Mainstream tech channels don’t even mention nostr.

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