Post
Topic
Board Bitcoin Discussion
Re: Why has bitcoin adoption failed in El Salvador?
by
romero121
on 15/09/2022, 22:35:15 UTC
For some of the reasons that you stated 348Judah, it would be unjust for El Salvador to reverse it' having already had implemented their bitcoin as legal tender law.  It would not be impossible, but it would likely create injustices to rescind such legal tender law before at least giving it a chance to succeed.
El Salvador has remained consistent with its decision on Bitcoin as legal tender even though the IMF has urged to overturn the legislation, but the first year after Bitcoin legal tender is still drawing criticism for Bukele for the impact of Bitcoin price on bear markets, many news sources have downplayed its decision but when the next bullish phase then they will regret that their country still "ban cryptocurrencies". El Salvador is very lucky to have cryptocurrency because Bitcoin is higher than any other currency, when it reaches its bullish phase they will applaud Bukele's decision
Surprisingly they are really indeed having that solid decision in terms of bitcoin accumulation despite on whatever market condition that we are facing on.They dont really mind if its dumping or bears
as long they could accumulate as much as they could.Its not really that something bad on which the President is doing but he should really mind the situation of its citizens whether these decisions
were feasible and something that could really give out positive impact in overall.
He should analyse the real condition of the people through a perfect survey. In that people need to be asked, how their financial growth have taken place out of bitcoin adoption. Here very little positive support will be got from the people, and through this it can be used as an opportunity to explain people a new system into usage won't give benefits at the shortest and it takes time. People will surely start using it, and the real value of bitcoin adoption can be seen.