Post
Topic
Board Bitcoin Discussion
Re: Why has bitcoin adoption failed in El Salvador?
by
Zlantann
on 16/09/2022, 17:42:24 UTC

I guess Bukele is looking forward in the future where there could be a chance that bitcoin will overturn their current struggles right now. The lower bitcoin go is the heavier their country will suffer, His country man are currently suffering from what Bukele introduced to them but his name could easily be flipped when we enter the bull market and bitcoin rise. Bukele just did a gamble with his country and we might know what might happen to them in the future.
It seems to me that the challenge of the adoption of Bitcoin as a legal tender is receiving much publicity than the benefits of this policy. The bearish market and the global economic crisis caused by the effect of Covid-19 and the invasion of Ukraine has made El Salvador's economic challenges more complicated. But nobody is talking about how much El Salvadoans have saved from remmittance fees due to Bitcoin adoption. Improvement in invevestment, education and tourism is not getting thesame publicity like the losses the country has incured due to its investment in Bitcoin.


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.
As you rightly pointed out, the government of El Salvador should do a proper analysis of the outcome of its policy of adopting Bitcoin as a legal tender. The yearly evaluation should be focused on the impact of this policy on the users which is the citizens of the country. This would help to identify the strength and weaknesses of this policy which would definitely lead to a review and adjustment of the implementation process. One year is a long time but it might not be enough to score the success of a particular policy especially when it is a long-time investment. But it is indeed a good time to check and recheck the outcome of a project