El Salvador’s Bitcoin experiment turns 5: ‘It was for us, not them’
60-second summary
El Salvador's Bitcoin experiment marks five years since making it a legal tender, but it has largely benefited the global cryptocurrency market rather than its intended local users. Despite initial promises, the adoption rate among Salvadorans remains low, with only a small percentage of the population actively using Bitcoin. The experiment has significantly increased Bitcoin's global profile, however.
Five years after El Salvador made Bitcoin legal tender, the experiment has fallen short of its original promises for locals, but it’s been great for Bitcoin’s global profile.