Kudzai on Nostr: Interesting post and while they did start well with a bottom up approach in El Zonte, ...
Interesting post and while they did start well with a bottom up approach in El Zonte, I think that ES’ major problem was that they didn’t do the volcano bonds in time which made them vulnerable to the IMF. Plus their debt situation kept getting worse despite the #bitcoin adoption. The 4 major lessons imho are
1) #btc adoption doesn’t fix bad financial management.
2) An SBR isn’t ≠ to adoption. See Bhutan for more
3) Given the top down approach, Chivo left a bad taste in the mouth of a lot of newbies & without more user friendly alternatives at the time (not to mention the lack of education about it as well) the trajectory slowed as a result.
4) For nation state adoption to really work, legal tender laws have to be abolished completely
ES’ situation is still salvageable but what remains to be seen is whether they can continue on this path in a post Bukele era. That will be the real litmus test. My two sats
Published at
2025-05-19 17:54:41Event JSON
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