What defines it to be failed, is the people that stop using Chivo Wallet after making use of the few dollars available on signup. The postpone of bonds without any proper time schedule, or the statistical data that is being collected by different universities. The president have taken a decision on behalf of his citizens. There were criticism, hatred, opposition and protests. What finally happened, the country have turned to be the first to adopt bitcoin. Further it have experiencing the bear market which isn't predicted to happen for now. Just on this we can't conclude the decrease in the value of holding as a failure. It is a learning for them to prepare for the worse in all time period to reap profit. Until the holdings are sold for a loss, we can't term this to be a failure.
It was a bad thing to reward users of the Chivo wallet without encouraging their participation on the BTC blockchain. The government should've rolled out rewards at a slow and steady pace to help motivate people to keep using the Chivo wallet. Besides, not many people within the country knows what Bitcoin is or how it works. This was just an early move from El Salvador that's bound to failure within the short term. We're going to have to see if adoption for BTC in El Salvador will increase in the future as the market turns bullish. The government already approved Bitcoin as a legal means of payment so the sky's the limit to how far the cryptocurrency will go in terms of mainstream adoption by businesses and individuals alike.
So far, El Salvador hasn't sold a single Bitcoin, so it has every chance to win once the market explodes again. Who knows if government's "smart move" turns El Salvador into a developed country within the not-so-distant future? Just my thoughts
