Save time by listening to our audio articles as you multitaskIn June last year, at a cryptocurrency conference in Miami, Mr Bukele announced that the Central American country would be the first to adopt bitcoin as an official currency, alongside the American dollar. In September, a day before passing the so-called bitcoin law, which made it compulsory for businesses to accept the cryptocurrency, Mr Bukele also started to use public funds to invest in bitcoin.
Similarly, only a fifth of businesses follow the requirement that they accept bitcoin. This is despite the central bank’s promise to exchange the cryptocurrency for dollars immediately, to shield them from volatility. In El Zonte food kiosks only accept cash. At a hotel the receptionist says some people do use bitcoin to settle their bills, “but usually Americans”.
That such a volatile asset could be made legal tender at all says much about Mr Bukele’s style of leadership. Since taking office the “world’s coolest dictator”, as he calls himself, has ruled the country of 6.5m like a private fief. After winning a majority in elections in 2021, he appointed loyalists to institutions such as the constitutional court. There was no debate on making bitcoin legal tender, notes Claudia Ortiz, an opposition lawmaker.
Mr Bukele tweets about bitcoin in English. That suggests his audience is abroad. Indeed the president, who has a team dedicated to monitoring popular opinion, has been talking less about bitcoin of late, having shifted his focus to gangs. Since a spike in killings in March, some 40,000 people have been arrested. Such autocratic policies are popular. Mr Bukele’s approval ratings hover at around 80-90%.
Not much of a gamble when crypto is recovering faster than the stock market.
What in finance is known as the 'Greater fool theory'
It's take time to cover all
A sucker bet
The Economist is having daily ass pain
Insanity. Irresponsible af for such a poor country.
World governments gambling on a money printer they have no plan to dissuade its consequences.
Cry harder IMF
Aren't we all gambling on FIAT currencies as well right now?
21st century's Emporer's New clothes!
What happens if btc hits 100k? And 200k? He becomes a genius?
The Salvator's economy is GONE...TOTALLY GONE
They aren't gambling. Get your heads checked. Know the difference between gambling and investing before writing.
Easy come, easy go. Gambling is never the best option.
Wait until they default on their debt repayments.
Can we cross this out now?
It's not your business
is a member of the economic enslavers class. At no time did the call Trump, Putin or some of the warmongers amongst us volatile. Let pays close attention to the countries and government the Economist chose to attack every day.
No
The hundred million dlls mx.president Obrador gave him to create jobs where lost in buying bitcoin and wanted Biden to give himb4 billion to ca
He will lose. It is a Ponzi. It will collapse.
🐃💩
Liars
It is El Salvador right? Not really a country or anything-collection of people fumbling around.
Who payed this article? FMI?
I'm an avid reader of the Economist but they've never understood Bitcoin
👎👎👎
Sounds like gimmicks one Boris gets up to.
Bullish
How white of you
How can you trust a Palestinian zionist?!
You only record a loss at the time of sale.
🤣🤣🤣🤣
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