The Bitcoin price dropped in the one year 60% which has a huge impact on the value of the national holdings of El Salvador.
1BTC = 1BTC; they have the same amount of Bitcoin. But, yes, people still believe in soft fiat money.
The big problem in my opinion is that the government is becoming more harsh in their effort to silence opposition and trying to stop people from speaking out against bitcoins.
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I have not seen that. I have only seen a few protests in the capital ... it's mostly farmers who want seeds and fertilizer. Oh, and the media. They are negative on Bitcoin. But they are mostly negative on anything the government does.
And then there is the IMF who is controlled by USD and will not help El Salvador as long as they use Bitcoin as their national currency.
They have two national legal tenders: $USD and $BTC. Puts the $USD cartel, established by A. Lincoln in the 1863 and 1864 Banking Acts, in a difficult position. It's funny. But the fun part is that SV (El Salvador) is building securities law around Bitcoin. So, it is trending toward the direction of all securities "permitted" in El Salvador need to be on Bitcoin. You cannot, for example, live on dividends from investments on a US exchange ... hence, the need for Bitcoin. People shit on El Salvador. I've even had hundreds stolen from me (likely from the FinCEN) in transmission.
If the civil unrest keeps increasing they might need to find a compromise to give into the protests.
What are you talking about? The protests were in 2021. The biggest danger is that Bukele changes the Constitution, so he can remain in power beyond 5 years. He has like an 80% approval rating, so many are likely to support it. He showed up in the Legislature, during session, with the military and surrounded the place. After that, there were talks of changing the Constitution but it has all been in secret. If changes were made to the Constitution, nobody yet knows.