El Salvador already adopted cryptocurrency as an official currency in the last eight months. Now the lingering part of this still falls back to the market dip going on presently in cryptocurrency. As the market is falling now, does that mean El Salvador will fall too? Many shades have been thrown on this matter. What happens to El Salvador if the market falls!!
Bitcoin price is falling now but getting to $100k in long term would most likely less than 3 years from now. This could just be a speculation, but bitcoin price over long time period never fails, it is all-time-high.
El Salvador did not fail, only the price of bitcoin is reducing for now as it will later increase back, most people using Chivo wallet are even converting back to USD
Also in the research, 71% of bitcoin sales are mostly converted to dollar, 17% stored as dollar on Chivo wallet while 10% stored as bitcoin.
People from El Salvador who got burned on Bitcoin investments will certainly blame Bukele on that. So maybe lack of mass adoption is actually a good think for him - less angry citizens to worry about. This crash yet again highlights that storing money that you actively use in Bitcoin is not exactly good idea, you never know when it will decide to lose 25% of its value in one day. It's one thing to HODL it for years without ever touching it, and another to make your daily spendings using unstable currency.
El Salvador did not make bitcoin payment compulsory, you can accept payment in USD. How about people that are not from El Salvador nthat invested in bitcoin? Is it of any difference? No. Citizens can decide not to buy, sell or use bitcoin for payment.