El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up
Sep 3, 2022
Michael McDonald, Bloomberg News
(Bloomberg) -- El Salvador President Nayib Bukele took the stage last year to fireworks and AC/DCs You Shook Me All night Long, announcing to a cheering crowd of crypto enthusiasts at a beachside confab that Bitcoin would revolutionize his country. It was November, the digital token had just notched new all-time highs and El Salvador was at the very beginning of its experiment as the worlds first nation to use the cryptocurrency as legal tender.
Now, a year into the journey, there are far fewer fireworks. Adoption has moved slowly, and steep declines in Bitcoins price from those lofty levels last fall have dampened the early euphoria that swept across the nation. Bitcoin hasnt replaced El Salvadors hard currency, the U.S. dollar its not even close but it also hasnt brought the financial ruin that some warned of either. Or not yet anyway.
No one really talks about Bitcoin here anymore. Its kind of been forgotten, said former El Salvador central bank chief Carlos Acevedo. I dont know if youd call that a failure, but it certainly hasnt been a success.
Bukele captivated the world last year when he made Bitcoin an official currency alongside the dollar, stirring a craze in the cryptocurrency community while also drawing criticism from skeptics, including bond traders and the International Monetary Fund. Bitcoins Sept. 7 debut was beset with technical glitches, making for an inauspicious beginning. Undaunted, Bukele sporting laser eyes on his Twitter profile picture barked back at detractors while welcoming Bitcoin backers and crypto executives to his presidential office, where he continues to host them to this day.
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https://www.bnnbloomberg.ca/el-salvador-had-a-bitcoin-revolution-hardly-anybody-showed-up-1.1814219
Nayib Bukele.
Will he do this? Is it a good idea? I haven't heard a word about it, yet.