A Bitcoin Revolution took place in El Salvador. Almost nobody showed up. Has the Bitcoin revolution really failed in El Salvador?
At a seaside conference last year, El Salvador's President Nayib Bukele took the stage to the sounds of fireworks and the AC/DC song "You Shook Me All Night Long" and declared that Bitcoin will transform his nation. The cryptocurrency had just reached unprecedented all-time highs in November, and El Salvador, the first country in the world to utilize it as legal tender, was just commencing its experiment, reports Yahoo.
After one year on the road, there are a lot less fireworks. Adoption has been slow, and the initial enthusiasm that swept the country last fall has been mitigated by Bitcoin's price's sharp drops from those dizzying levels. The U.S. dollar, El Salvador's official reserve currency, has not been completely replaced by bitcoin; yet, it has also not brought about the financial devastation that some predicted. or at least not yet.
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