Back in 2021, El Salvador took the first step into making Bitcoin legal tender. It defied the establishment by proving BTC can be used as an alternative to Fiat. Set ourselves forward 4 years later, and now El Salvador is regretting its decision. It made a deal with the IMF, in exchange of limiting its involvement with the world's beloved cryptocurrency. I guess all good things come to an end.
I wonder what could've been the culprit of Bitcoin's limited adoption within the country? Was it bad planning/execution? What if El Salvador rejected the IMF's demands? Would've it survived with Bitcoin as its sole currency? I mean, the government continues to buy BTC. At some point, it would've paid off its debt. That would've help turn it into a developed country in the long run.
What about other countries adopting BTC as legal tender? Is there still a possibility? Or is it "game over"?
Your input would be greatly appreciated. Thanks.
Bitcoin is a symbol of financial revolution. And for any revolution to spread, you need a revolutionary situation — like the classic said, ‘the top can’t govern as before, and the bottom won’t live as before.’I wonder what could've been the culprit of Bitcoin's limited adoption within the country? Was it bad planning/execution? What if El Salvador rejected the IMF's demands? Would've it survived with Bitcoin as its sole currency? I mean, the government continues to buy BTC. At some point, it would've paid off its debt. That would've help turn it into a developed country in the long run.
What about other countries adopting BTC as legal tender? Is there still a possibility? Or is it "game over"?
Your input would be greatly appreciated. Thanks.
So Bitcoin shouldn’t be forced top-down by governments — it should be supported by us, ordinary people. You and I use internet services, online shops — so we should try to pay for goods and services with crypto whenever we can.
Look at what really drives adoption: since around 2019, payment processors have grown massively — companies like Cryptomus, Coinbase Commerce, NOWPayments, CoinGate, BitPay and others have made it super easy for businesses to accept crypto. Thanks to that, global crypto payment adoption has grown by over 2300% — no single country pushing a ‘legal tender’ narrative can match that.
So forget El Salvador’s ‘experiment’. The real crypto revolution is grassroots, practical, and happening every time someone pays with Bitcoin instead of fiat