El Salvador is now abandoning its government-created Bitcoin app, Chivo, and repealing the law that forced its citizens to accept Bitcoin.
Was forcing people to use Bitcoin really “freedom”? That’s a laugh. While I love Bitcoin, forcing a population to use a specific currency is more akin to authoritarianism than freedom. This kind of intervention is closer to a form of state control than true economic liberty.
The government also had no business creating an app. It’s the free market’s role to innovate and create solutions, not the state’s. After years of development, what did we get with Chivo? A poorly executed, buggy app that led to significant fraud and mismanagement.
Let’s not forget the so-called Bitcoin City that they promised to build, or the mysterious “volcano mining” initiative where they never disclosed how much Bitcoin was actually being mined. It was all part of a larger PR stunt designed to create hype without any substance behind it.
So much of the excitement around El Salvador’s Bitcoin initiatives has been exaggerated. What’s their end goal with all the Bitcoin they hold? Time will tell, but I wouldn’t be surprised if they mismanage that too.
El Salvador was never truly a “Bitcoin country”—that was a narrative spun by the government. The truth is, we should never trust governments, even those that claim to be pro-Bitcoin.
The adoption of Bitcoin will be driven by the free market, not government mandates.
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