El Salvador's Bitcoin Balancing Act
Update: 2025-12-24
Description
El Salvadors Bitcoin Experiment: A Tale of High Hopes and Reality ChecksFour years ago, El Salvador made Bitcoin legal tender, aiming to boost everyday adoption. The Chivo Wallet offered free Bitcoin, but most users cashed out, leaving adoption lukewarm. The country needed a $1.4 billion IMF loan, making Bitcoin acceptance voluntary and taxes payable in USD. Despite IMF warnings, El Salvador bought hundreds more bitcoins, now holding over $588 million worth. Neighbors like Bolivia and Panama are considering similar moves, but real adoption depends on educating everyday people.
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