ECUADOR: An Entire Country Switched to Bitcoin and Now Its Economy Is Floundering.

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The country’s president Nayib Bukele made waves last year when he announced that the nation would accept the token for use at stores and banks. The self-described “CEO of El Salvador” even announced plans to build a “Bitcoin City“ to turn the country into “the financial center of the world.”

However, it turns out that forcing your nation’s banks and stores to accept a currency large swaths of the population are unfamiliar with and don’t trust is a good way to tank your economy.

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Government’s mucking around with the currency never ends well, although in this case the bad end came with impressive speed.



h/t SG

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