El Salvador's , Bitcoin Experiment Hit Hard , by Falling Price of Crypto.
Reuters reports that El Salvador's experiment
of adopting bitcoin as the nation's
legal tender appears to have stalled.
Reuters reports that El Salvador's experiment
of adopting bitcoin as the nation's
legal tender appears to have stalled.
El Salvador had plans to build, the world's first cryptocurrency city, powered by a volcano.
President Nayib Bukele promised
that "Bitcoin City" would be a haven
for crypto investors and miners. .
The area where the circular metropolis, designed to
look like a bitcoin symbol from above, is supposed to be remains covered by dense jungle one year after the transition to crypto.
Reuters reports that no indication was
found that any progress toward building
this experimental city has been made.
The recent drop in the value of bitcoin
has spooked investors, as it's now worth
half of what it was just one year ago.
El Salvador adopted bitcoin as
legal tender on September 7, 2021.
According to the Bukele government, the country's
bitcoin policy has attracted investors, reduced
bank commissions to zero and increased tourism.
According to the Bukele government, the country's
bitcoin policy has attracted investors, reduced
bank commissions to zero and increased tourism.
A survey by the National Bureau of Economic Research (NBER) found , “bitcoin is not being widely
used as a medium of exchange." .
According to the NBER study, users, "do not understand it, they do not trust it,
it is not accepted by businesses, it is very
volatile, and it involves high fees.”.
According to the NBER study, users, "do not understand it, they do not trust it,
it is not accepted by businesses, it is very
volatile, and it involves high fees.”.
The survey also found that only 20% of
companies in El Salvador accept cryptocurrency
despite a law requiring them to do so