1 Year Bitcoin in El Salvador: TOTAL FAIL?

One year after the adoption of Bitcoin as official currency in El Salvador, I go out in the streets of Puerto de la Libertad to find out if the Bitcoin project is a success or a total failure.

By talking to local Salvadorans on the streets of El Salvador, I discover whether they know what Bitcoin is, if they have used it, and what it means to them and their country. The outcome may surprise you...

I also bring a visit to the Chivo Wallet ATM, where one can deposit and withdraw cash for Bitcoin or vice versa.

On this YouTube channel I share my family's journey to create more freedom in our lives. Please subscribe if you want to follow our adventure as we travel to El Salvador and find out if this is indeed a great place for us to live!

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DESCRIPTION
In this video, I go out in the streets to talk to Salvadorans and tourists alike about their experience with Bitcoin. Have they used it? Do they think it's an important step for their country? During our encounters, we get surprised by a variety of interesting reactions and funny moments.

Before June 2021, I could not point out El Salvador on a map, nor had I ever heard of Nayib Bukele, the country’s current president. So what happened to make me decide to give up almost everything in my life and go to a country I’d never heard about?

Well, at the end of the Bitcoin 2021 conference in Miami, Jack Mallers, founder and CEO of the Bitcoin payment company Strike, came onto the stage to make a special announcement. Mallers told the audience how spent a few months in El Salvador to roll out his product, helping Salvadorans keep more of their hard-earned money. He then uncovered that he’d been asked by Nayib Bukele, the El Salvadoran president, to advise on a law to make Bitcoin legal tender in El Salvador.

The government has launched Chivo Wallet, a Bitcoin wallet that works in conjunction with the Chivo ATMs scattered around the country. Salvadorans can now exchange Bitcoin for dollars and back. Salvadorans working abroad can also send remittance payments back home instantly and almost for free.

Bukele has announced Bitcoin City, a project to build a city in a special economic zone in the south of El Salvador. To attract foreign investments, the only tax people living in Bitcoin City will pay is a value added tax at 10%. The city is planned to be powered by geothermal energy from a nearby volcano.

Second, the country is going to offer Bitcoin Bonds, a true financial revolution in the way countries can potentially finance their development. The Bitcoin bonds are designed and launched together with Bitfinex and Blockstream, two major companies in the Bitcoin space.