It's been about a year since the president of El Salvadoran decided to incorporate the virtual currency into his country's currency. It hasn't gone as planned. The grand crypto experiment has been a failure according to an economist.
There is more than enough evidence to conclude that Bukele had no idea what he was doing.
The $1 billion government bond program was used to fund the experiment. Half of the billion was to be invested into the city itself, and the other half was to be used for investments in virtual currency. The president said that the buy-ups would lead to growth in the economy.
The promised economic boom isn't happening.
The bond program hasn't been implemented at all. It's worth less than half of the investment right now. Gang violence has exploded and the nation has fallen into confusion.
The crash of the digital currency didn't lend itself to the project. He has failed to inspire much faith in his own economic abilities.
The president failed to show a solid understanding of how GDP works, or took to social media to share over-hyped, low-substancecryptocurrencies.
The president has other detractors. According to the International Monetary Fund, the digital assets are too volatile and unsafe for national use, and that's why they're begging the El Salvadoran leader to reduce his legislation.
The Cryptbro in Chief's reputation has been badly damaged. This has been an experiment, and a careless one at that, that has been performed live on actual El Salvadoranians. The real cost of the implosion will be paid by the El Salvadorans.
One year later, El Salvadoran's experiment with Bitcoins has failed.
The economy of El Salvador is collapsing because of the switch to digital currency.
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