Hello, friends. Today I would like to share with you my opinion and doubts I still have about a topic that for me is very relevant. I am referring to the 2021 monetary reform in El Salvador, the country that ventured to pioneer the use of Bitcoin as legal tender. Well, it seems that some time has passed since then, and the reality is a bit more complex than many of us could have imagined. Perhaps, a bit different from what many of us would have wished for.
When I first heard about the monetary reform, I saw it in a positive light and wished it would happen in such a way that it would only be one of many countries to implement it. El Salvador was the first to dare to take the first leap into cryptocurrencies, a promised land for Bitcoin miners. But is the reality really so?
After more than two years since implementation, the initial euphoria has diminished significantly. Only 20% of Salvadorans who downloaded the Chivo app, designed by the government to facilitate daily cryptocurrency transactions, continue to use it after exhausting the initial $30 that was given away to promote its use. That's a statistic that leaves a lot to be desired. What happened to the widespread acceptance we all anticipated?
There is also the matter of the famous Bitcoin City, a project that sounded so futuristic that few of us would be able to imagine such a thing. I remember seeing mock-ups of this city of the future and being speechless. This metropolis would be built on the coast of the Central American country, near the Conchagua volcano. Moreover, in this place it would be free of common taxes, such as income, property tax, no hiring taxes, zero municipal taxes, etc. But where have these ambitious plans gone? After all, I haven't heard much talk about concrete progress.
What is most surprising is that after all the interest generated and projects mostly failing to reach maturity geothermal mining emerged. It turns out that although the Bitcoin mining rush has not gone as expected, it has at least paved the way for the development of positive and sustainable projects. Geothermal mining has gained ground as a viable alternative, taking advantage of the country's natural resources to generate energy in a cleaner and more efficient way. In the specific case I am referring to, they use a volcano to obtain steam that drives the power generating turbines.
It's funny how things can change over time. From the initial hype to the current reality, El Salvador has experienced a tumultuous journey in its adoption of Bitcoin. Is this the end of the story or simply a pause before a new chapter? Only time will tell; perhaps sooner than expected, as halving should lift its price to record levels.
In summary, the 2021 monetary reform in El Salvador, with its Bitcoin implementation, has turned out to be more complex than many anticipated. Although the euphoria has subsided and flagship projects seem to have lost their luster, innovation persists in unexpected ways, such as geothermal mining. This story will continue and I hope that El Salvador's transition to a blockchain and cryptocurrency-based economy gets back on the positive track. This would be super beneficial for all of us, even if we are not Salvadoran.
Twitter @bluisdey
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