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@ Farley | Retired Fortune 10 ☕
2025-04-25 18:52:17
EL SALVADOR'S BITCOIN EXPERIMENT: THE UNTOLD POST-MORTEM (2021-2025)
Four years after the ‘Bitcoin Law,’ El Salvador’s experiment has collapsed into a cautionary tale of half-measures, grift, and missed opportunities. Here’s the raw autopsy of why adoption stalled—and what should’ve happened:
1. THE ORIGINAL SIN: NO SATS-DENOMINATED ECONOMY
Bukele’s Fatal Flaw: Made BTC legal tender but kept prices in USD.
Mallers’ Missed Chance: Strike never pushed Lightning for daily wages/goods—just remittances.
Result: Locals saw Bitcoin as a volatile USD sidecar, not real money.
#PeggedToFiatDoomedToFail
2. THE GRIFT ELEMENTS (SUSPICIONS CONFIRMED)
Bukele’s ‘Volcano Bonds’: Never materialized. $500M+ vanished into ‘infrastructure.’
Strike’s Quiet Pivot: Became just another fiat on-ramp, not a Lightning revolution.
Chivo Wallet Disaster: KYC-heavy, centralized, and hacked repeatedly.
#FiatMindsetInOrangeClothing
3. WHY ADOPTION STALLED (AND WHY THEY SCRAPPED IT)
No Merchant Incentives: Why accept BTC if taxes, rent, and supplies are still in USD?
No Real Savings Use: Citizens dumped BTC to USD immediately (no sats pricing).
2025 Reality: Removed as ‘legal tender’ after 0.5% of transactions used it.
#AdoptionTheater
4. HOW IT COULD’VE WORKED
✅ Mandate sats pricing for government services (taxes, licenses).
✅ Pay public salaries in BTC (even partially, via Lightning).
✅ Ban USD in tourist zones (force real Bitcoin commerce).
#TheBlueprintWeNeed
THE BITCOINER’S VERDICT
Bukele: A showman who used Bitcoin for clout, not change.
Mallers: A mercenary who built for Wall Street, not peasants.
The Lesson: Legal tender laws don’t matter without sats-denominated life.
#NotYourKeysNotYourCountry ⚡
(When the next nation tries this, we’ll scream:
"PRICE IN SATS OR DON’T BOTHER.").
The real Bitcoiners of El Salvador? They’re still stacking—just off the government’s radar. 😏