Tag #Financial Failure

What were the key factors contributing to the failure of Bitcoin's adoption as legal tender in El Salvador?

El Salvador's experiment with Bitcoin as legal tender ended in January 2024 after its legislature repealed the law. Despite government spending of \$200-400 million on promotion, including ATMs and a digital wallet, Bitcoin adoption remained low, with only 8% of the population using it occasionally in 2024. The Bitcoin City project, envisioned as a cryptocurrency hub, never materialized.