"There a obviously many issues with deploying Bitcoin in El Salvador, some were mentioned by the author. However, this sounds very convenient: “Bitcoin in El Salvador won’t succeed because of Nayib Bukele. In fact, he is the biggest risk to the issue.” Like, what if there promises of the people pushing Bitcoin are unrealizable? How can a single man derail the success of something magical? Bitcoin adoption by a third world country sounds like a new iteration of Neoliberalism: the whole thing was don without public input, and Bitcoin itself is marketed as a type of money that isn’t politicized but we know that’s not true and that money will always be political. So this is not going to work in the sense that not having your own money doesn’t work to deliver widespread sustained prosperity. The Salvador is not about to engage in a mercantilist program to accumulate Bitcoin to finance import-substitution scheme. They will also be at the mercy of coin-vigilantes who are going to arbitrage the hell out whatever is sold in Bitcoin given how volatile it has proven to be. So Bukele or not, El Salvador will continue to be at the mercy of foreign capital."
From a friend that read this post:
"There a obviously many issues with deploying Bitcoin in El Salvador, some were mentioned by the author. However, this sounds very convenient: “Bitcoin in El Salvador won’t succeed because of Nayib Bukele. In fact, he is the biggest risk to the issue.” Like, what if there promises of the people pushing Bitcoin are unrealizable? How can a single man derail the success of something magical? Bitcoin adoption by a third world country sounds like a new iteration of Neoliberalism: the whole thing was don without public input, and Bitcoin itself is marketed as a type of money that isn’t politicized but we know that’s not true and that money will always be political. So this is not going to work in the sense that not having your own money doesn’t work to deliver widespread sustained prosperity. The Salvador is not about to engage in a mercantilist program to accumulate Bitcoin to finance import-substitution scheme. They will also be at the mercy of coin-vigilantes who are going to arbitrage the hell out whatever is sold in Bitcoin given how volatile it has proven to be. So Bukele or not, El Salvador will continue to be at the mercy of foreign capital."