One year on, El Salvador’s Bitcoin experiment has proven a spectacular failure

Summary

John Hawkins writing in BigThink, makes the following points:

• El Salvador is the first and, to date, the only country to make Bitcoin a legal tender.
• El Salvador still uses the US dollar.
• El Salvador’s President, ‘the so-called world’s coolest dictator’, said it would attract foreign investment and jobs—it didn’t.
• The government has lost about US$50 million in Bitcoin transactions.
• Ordinary citizens who took presidential advice to hold their money in bitcoins face huge losses.
• The International Monetary Fund urged El Salvador to drop Bitcoin’s legal tender status.

References

Recent Runway Posts related to this topic:

• MONEY 01: COLLECTION | The Runway (airforce.gov.au)

References from the Web:

• SEP 2022 A year on, El Salvador's bitcoin experiment is stumbling-Reuters
• NOV 2022 The little known crypto group that pulled in $33 billion last year-Sydney Morning Herald

Source Information:   

• Article Source: Big Think - Smarter, Faster
• Media Check:  Big Think -Media Bias/Fact Check (mediabiasfactcheck.com)     
• RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC | The Runway (airforce.gov.au)