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Nobody wants to spend it anyway, just hoard or sell it to the next sucker willing to shell more $. Among all the crypto shills I know I'm probably the only one who has used it for trade (0.25ish Bitcoins for a computer on caseking.de in late 2017 and few goodies on local bitcoin in the same year).
> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
There is a strong sentiment around bitcoin in El Salvador and it can make them money; but the experiment around it being a legal tender, well, failed.
PSA: If you don't like Bitcoin you might want to read the article before you post your knee-jerk reaction to avoid embarrassment.
> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
> Salvadorans, with the exception of a few, never embraced Bukele’s initiative, who enjoys enormous popularity for his war against gangs, which dropped homicides to historic lows in El Salvador. A recent survey by the Central American University (UCA) revealed that 92% of Salvadorans did not use bitcoin in their transactions in 2024.
I would say this points to an actual failed experiment, if true.
Misleading. Under the new rules, bitcoin is no longer considered "currency," though it remains "legal tender." https://reason.com/2025/02/03/el-salvador-walks-back-its-bit...
Misleading. Under the new rules, bitcoin is no longer considered "currency," though it remains "legal tender." https://reason.com/2025/02/03/el-salvador-walks-back-its-bit...
Edit to add a quote from your preferred link:
“Another change makes using bitcoin entirely voluntary. (Previously, the law mandated that businesses accept bitcoin for any goods or services they provided.) Additionally, bitcoin can no longer be used to pay taxes or settle government debts.”
If I can't pay my taxes with a token of economic exchange, and people aren't required to accept my tokens of economic exchange, the only remaining sense I can make of it being “legal tender” is that it is not illegal to use it, but that's not what “legal tender” means.
They have made just over 300 Million off the initial BTC purchase, and as of 15 minutes ago, continue to buy BTC everyday. They even have their own tracker, https://bitcoin.gob.sv/