Looking Back on El Salvador’s Bitcoin Adoption 6 Months Later!

Six months ago, the world was watching El Salvador as it made a controversial decision to adopt Bitcoin as its official currency. For most of us, this was the first time we’d ever heard of such an idea. It had most people scratch their heads in confusion (and disbelief). But after six months of following up on news coverage and checking back in with local businesses and governments, it seems Bitcoin has brought more positive changes to El Salvador than we thought. It brought changes that could make other countries rethink their financial systems down the road. The adoption was due to several factors. This includes an inflation rate that had gone through the roof, poverty levels steadily increasing, and lack of faith in their own government’s ability to solve their country’s problems. Many economists predicted this move would be disastrous. Instead, they are in shock by how well this transition has gone so far, and how the economy has responded positively to this new economic policy. Although El Salvador’s Government Has Embraced Cryptocurrencies, The Country’s Citizens Haven’t In interviews with citizens, it’s apparent that the country’s crypto revolution has encountered a few snags. Although the central bank has said it will issue a bond, few businesses have accepted it. Some people say the government-backed digital wallet Chivo is not yet fully functional, while others have reported technical issues. The government’s Chivo p...