El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment
ticotimes.net/2025/02/02/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment
What Jamie wrote
The first county to adopt Bitcoin as a legal currency abandons it.
Bitcoin was never used by most Salvadorans, its modern city was never built, and now it will cease to be legal tender in El Salvador, the first country in the world to adopt it in 2021: a complete failed economic bet by President Nayib Bukele.
It was fun to see El Salvador do this, but it was always fraught with challenges. In general I do think that developing economies are places that are likely to see adoption first. The "product" (the state currency) isn't as good so it is an easier comparison.
Does this make me less bullish on Bitcoin? No. My logic around Bitcoin adoption doesn't have any dependency on formal adoption by governments.