Bitcoin is NOT the silver bullet for El Salvador’s economic woes — here’s why

On June 9 2021, El Salvador's parliament passed President Nayib Bukele’s proposed legislation to make El Salvador the first nation to make Bitcoin legal tender. The move was hailed as an epochal moment not only for El Salvador, but also for Bitcoin in general, as its proponents declared the bill to be a first huge step toward broader global acceptance of the cryptocurrency. In this article, I will examine both these sides to their fullest extent before providing you with my value judgement. I will evaluate the upsides and critique them to the best of my abilities and knowledge.