El Salvador’s Bitcoin Experiment: A Missed Opportunity?

In 2021, El Salvador made history as the first country in the world to adopt Bitcoin as legal tender. President Nayib Bukele touted the move as a bold step towards financial inclusion, attracting foreign investment, and reducing reliance on traditional financial systems. The initiative included the rollout of a government-backed Bitcoin wallet, Chivo, which came preloaded with $30 worth of Bitcoin for citizens to kickstart adoption. On paper, it was a groundbreaking experiment with the potential to transform the nation’s economy and empower its people. But the reality of the implementation tells a different story.