El Salvador as a state economy tried to pivot to bitcoin.
They employed many tricks to attract investment, to start mining at a scale and bolstered BTC as an alternative currency to the country's population, even recognizing it as legal tender.
The tricks failed to materialize. Poverty remained rampant and El Salvador ended up being forced to suspend its Bitcoin program just to take a puny IMF loan. In the end, no crypto entity stepped in to help them when they needed 1.4 billion in USD. We know from Greece's example that IMF measures lead a state economy to disaster. But imagine how desperate a country had to be to accept an IMF intervention over a loan totalling only around 4% of its GDP.
Bitcoin didn't shield El Salvador from disruptions in the world economy, it didn't enrich its citizens, it didn't protect it from foreign corporations plundering its resources for cheap etc.
So what's the lesson here? Maybe Bitcoin doesn't work at the State level. Yet by Trump's sayings we're going to see the same in the US with a sovereign fund in crypto...
I guess the only primary concern is the fast volatility of Bitcoin and people lose trust due to that matter. That's why Bitcoin has been suggested to be taken out while they are sorting their next best action when dealing on Bitcoin.
Although they seems failing in that aspect they still gain something since Bukele put El Salvador in the mainstream and their country is gaining lots of attention which turn their country as tourist also investment spot for great people.
But lets see what's going to happen if a first world country will do it since provably they are more capable to do it and have lots of resources to used for this matter.