The roll out of Bitcoin in El Salvador so far is playing out like a car crash in slow motion.
following threats from Bukele’s followers after she called him a “narcissistic dictator” on Twitter.
On Sept. 15, 2021, a day that marked exactly 200 years of El Salvador’s independence from Spain, thousands of Salvadorans took to the streets to protest the law’s rollout. Many peopled carried signs reading “Bukele dictator,” with the bitcoin symbol crossed out, and some Chivo ATMs were reportedly vandalized. The protest’s main slogan and hashtag was “No to Bitcoin” .
To finance this walled crypto city of the future, the government of El Salvador hopes to entice investors through its $1 billion worth of its bitcoin-backed “volcano bonds.” Five hundred thousand would go to building infrastructure, and the other half million would be used to buy more bitcoin. Foreign investors will even get fast-tracked for citizenship.
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