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El Salvador’s Bitcoin Law — one year on, with the World’s Coolest Dictator – Attack of the 50 Foot Blockchain

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El Salvador’s Bitcoin Law came into force on 7 September 2021 — and what a day it was!

 

A burning Chivo kiosk from a protest on 15 September 2021 … actually set alight as a false flag by government-sponsored provocateurs!

 

How’s bitcoin going, a year later?

  • There’s almost no use of bitcoin as currency. The official Chivo Wallet is hardly used, and they never did get it working properly. Businesses have taken down their “we accept bitcoin” signs.
  • There’s almost no use of bitcoin for remittances.
  • Hundreds of millions of dollars in public funds have gone up in smoke — which is as if the US spent hundreds of billions — with nothing to show for it.
  • Crypto crashed. As well as screwing over local bitcoin holders, this halved the face value of the government bitcoin reserve.
  • El Salvador can’t borrow internationally. The IMF won’t talk to them while bitcoin is in place. The price of Salvadoran sovereign debt has fallen through the floor, as has El Salvador’s credit rating.
  • The Bitcoin Volcano Bonds supposedly had $1.5 billion of buyer interest lined up…

Read more…

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