By investing in bitcoin, El Salvador has already taken a significant risk. They are aware of the issues involved and equipped to deal with the difficulties that will arise. Given El Salvador's position in the global economy, their brave move will be regarded with respect. Before making this decision, the president must have carefully considered the market's ups and downs. No man will endanger a nation unless he is fully aware of the investments he is making with the nation's money and has a backup plan in place.
Of course investing in bitcoin is very risky, and has now experienced a huge drop of almost 50% from the news price when Elsalvador bought Bitcoin. So far it's been very sad, but actually I'm glad there are countries that believe in Bitcoin and make it a state asset and legalize it as payment. Although I've only seen from the news and Bukele doesn't provide any concrete evidence that they have bought a lot of Bitcoins. But if the four year cycle repeats itself and there will be new high prices it is possible that El Salvador will become a prosperous country.
I fear the El Salvador case, investing in Bitcoin and at loss now only make more bad name for Bitcoin. If the El Salvador economy takes a downhill, no doubt that investment in Bitcoin will become a dead weight and under heavily criticized.