Posted 2/2/2024, 10:08:54 AM
El Salvador doubles down on bitcoin bet despite risks
- El Salvador became the first country to accept bitcoin as legal tender in 2021 under President Bukele, who aims to build a tax-free "Bitcoin City"
- Bukele is pressing ahead with the bitcoin project despite economic stagnation, rising poverty and debt, and IMF calls to remove bitcoin's legal status
- While bitcoin adoption remains low among Salvadorans worried about volatility and rising costs, Bukele's bitcoin bet has rebranded El Salvador and boosted tourism
- Businesses report doing some bitcoin transactions but complain about problems with the government's Chivo wallet and lack of momentum
- As Bukele likely heads toward a second term, his administration insists it will double down on the bitcoin law, buoyed by the recent crypto rally