Nayib Bukele’s failed Bitcoin experiment in El Salvador

President Nayib Bukele announced his cryptocurrency experiment as a path to financial freedom and to attract much-needed capital to El Salvador. Bitcoin is a form of cryptocurrency or digital currency that is openly traded without the intervention of a central bank. The Salvadoran government budgeted $200 million to create a government-sponsored crypto app called El Chivo Wallet, which included an initial bonus of $30 as an incentive for users to download it. The country has spent $425 million in its Bitcoin project, experts have estimated. A London School of Economics’ policy fellow told CNBC recently: El Salvador’s economic policy “is essentially magical thinking.” Meanwhile, an opinion poll put his approval rate at 85 percent, the highest of any Latin American leader in Latin America. Source