El Salvador pushed to make bitcoin a legal tender, but fluctuations in interest and inflation haven't encouraged a steady result.
As Bitcoin becomes more adopted at an institutional level, major fluctuations in price will have a much larger consequence around the globe than they might have before.
Despite the country suffering from about $36 million in losses, the government bought the dip — over 15 million dollars' worth of bitcoin — and its national debt grew even further. One of his particularly controversial policies has been to adopt Bitcoin as legal tender in the country alongside the U.S. dollar, which has been its currency for 20 years.
Some of Bukele's wilder plans involved creating a new municipality he calls"Bitcoin City" — the first city that would be entirely powered and run through crypto. The government has already begun operations to use power from the heat of the country's volcanoes to mine Bitcoin in order to support the project.
The adoption rate of the Chivo app was low. It seems many Salvadorans don't see its use for everyday purchases and needs, and some of the already existing issues which left much of the population without a bank aren't being solved by Bitcoin.