It seems a lot are cheering for Nayib and his country when they adopted Bitcoin as a legal tender, purchased during the dip, made profit from it, responded with resistance to the IMF and the US in an unfriendly tone, made use of volcanic energy to mine Bitcoin, and so on. But since the price has fallen down, criticisms are now hurled at him.
I haven't been a fan of El Salvador risking the people's money on something that is volatile. But the failure of El Salvador in its Bitcoin ventures is probably going to be interpreted by critics as the failure of Bitcoin. I hope El Salvador succeeds.
I don't think this move is about success or failure of Bitcoin. Bitcoin financial system is live for one decade and without support of any big economic power bitcoin mange to hit 65K$. Even if El Salvador withdraw its decision on bitcoin legal tender even then bitcoin wont be affected. Can you see any change in bitcoin price since the El Salvador announces its decision of using it as legal tender?
Yes its that Bitcoin exist in decade but that 65K$ is only attain within a period of 1.5 years after this whales like El Salvador, Microstrategy and Grayscale appear and start accumulating huge chunk of Bitcoin. The price will gonna reach this high if this big player didn't enter. Its still a good thing that there's already a real reason why Bitcoin price pump compared before that pure speculation and price is on bubble. So let's not take away the credits from big players especially El Salvador.
You will not gonna like what will happened next if this whales starts to take profit and produced a chain reaction.