Bitcoin bombing in El Salvador. It’s a cautionary tale for cryptocurrency.

Bitcoin bombing in El Salvador.  It’s a cautionary tale for cryptocurrency.


For those who believe in bitcoin, El Salvador seems like a cryptocurrency paradise. It is one of the few places in the world where you can use Bitcoin to buy Coca-Cola or Cerveza on the beach. In theory, you could pay rent with bitcoin, buy a house, pay off a credit card, or send a payment to a Mayan pottery seller at the local market.

However, El Salvador is far from a crypto-lover’s dream. Instead, it has turned into a cautionary tale of what happens when a country adopts a cryptocurrency, attempts to integrate it into its economy, and rebrands itself as a tech-friendly haven: it doesn’t work as advertised.



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