El Salvador famously became the first sovereign nation state to officially adopt Bitcoin as legal tender back in 2021 and so far, the experiment hasn’t gone terrible well from a financial point of view, chiefly because the timing was quite bad.
The President of El Salvador, Nayib Bukele, essentially began buying Bitcoin at the peak and he hasn’t stopped since but, as we all know, crypto has been on a downtrend for months now and so the country’s overall investment is worth roughly one third of what it was.
This wild experiment made Bukele somewhat of a superhero in the eyes of the crypto community but legacy institutions, including the International Monetary Fund, obviously dislike and disapprove of what he’s doing.
Having said that, Bukele is a politician, and like every and any other politician in the world, his main concern is his domestic approval rate. And I’m not talking about polls, because those can be fake (and fakeD), I’m talking about the real-world consensus. In other words, do people throw tomatoes at him in the streets?
But that’s a problem for later. And more to the point that’s a problem for him, not the rest of the world.
In the meantime, however, his experiment certainly put El Salvador back on the map and the tiny nation can celebrate a small achievement because it is the most visited country in South America and Central America.
I guess it’s safe to say that we’re all rooting for El Salvador and I believe that if he keeps at it, 10 or 20 years from now, a lot of other countries will look at El Salvador and say, “why didn’t we think of that?”
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