El Salvador’s experiment with Bitcoin as legal tender has proven to be a complete failure, with most Salvadorans never using the cryptocurrency. President Nayib Bukele’s economic bet backfired, leading to a reform that removes the obligation to accept Bitcoin in transactions or debt payments. Despite confusion surrounding the reform, the government insists on continuing to buy and hold Bitcoin. Bukele’s ambitious project to create Bitcoin City never materialized, highlighting the overall lack of support for the cryptocurrency in the country. The future of Bitcoin in El Salvador remains uncertain as the government navigates the aftermath of the failed initiative.
https://ticotimes.net/2025/02/02/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment