<
https://theconversation.com/one-year-on-el-salvadors-bitcoin-experiment-has-proven-a-spectacular-failure-190229>
"A year ago, El Salvador became the first country to make Bitcoin legal tender
– alongside the US dollar, which the Central American country adopted in 2001
to replace its own currency, the colón.
President Nayib Bukele, a cryptocurrency enthusiast, promoted the initiative as
one that would deliver multiple economic benefits.
Making Bitcoin legal tender, he said, would attract foreign investment,
generate jobs and help “push humanity at least a tiny bit into the right
direction”.
His ambitions extended to building an entire “Bitcoin city” – a tax-free haven
funded by issuing US$1 billion in government bonds. The plan was to spend half
the bond revenue on the city, and the other half on buying Bitcoin, with
assumed profits then being used to repay the bondholders.
Now, a year on, there’s more than enough evidence to conclude Bukele – who has
also called himself “the world’s coolest dictator” in response to criticisms of
his creeping authoritarianism – had no idea what he was doing.
This bold financial experiment has proven to be an almost complete failure."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
