Here’s Why El Salvador’s Bitcoin Experiment Will Be A Total Disaster.

In 2021, we saw something in the crypto space that we’ve never seen before. The first sovereign nation in history decided to take the risky decision in adopting Bitcoin as legal tender — a move praised by Bitcoin maximalist yet despised by the Salvadorian people, and economists across the world.

Several months after becoming legal tender, El Salvador’s President Nayib Bukele hosted a promotional Bitcoin event in the small town of Mizata. During his speech, he announced his country would be developing the world’s first ever ‘Bitcoin City’ in El Salvador.

While many specifics about this project are still unknown, it does open a extensive list of concerns about the viability and success of such an outrageous idea. The announcement also conveniently came after a lengthy correction put all of El Salvador’s Bitcoin bets deep underwater, which begs the question as to whether this announcement was simply a marketing stunt in hopes of attracting new hype, which clearly didn’t work out well.

Bitcoin City is being sold to the public as this beautiful perfect city with zero taxes, and no carbon emission, but how realistic…