Crypto
El Salvador's Bitcoin Experiment Hits Rock Bottom
El Salvador's adoption of Bitcoin as legal tender has hit a snag. According to Jon Atack, a Bitcoin Core contributor, Bitcoin payments in El Salvador have seen a dramatic decline.
The trend was observed at 'Bitcoin Beach,' a restaurant in El Zonte, which reported only one Bitcoin transaction for the entire month.
This shift towards card payments over Bitcoin transactions raises questions about its viability as a medium of exchange. The recent move to make Bitcoin acceptance voluntary under the IMF loan agreement has further complicated the narrative.