Bitcoin History of El Salvador

     Bitcoin has become a boon for El Salvador, which was trying to win economic self-sufficiency since 2001, when the then El Salvador President Francisco Flores demonetised the national currency "colon", which made economy of El Salvador dependent on the United States. 

• First Attempt : - In 2017, Nayib Bukele, the then Mayor of the capital city San Salvador suggested adopting a bitcoin economy; however, his suggestion was rejected and he was expelled from the ruling party.
• Fight Back :- On 10 October 2017, Bukele founded another political party "Nuevas Ideas". It conducted a successful experiment for the bitcoin economy in the year 2019 in "El Zonte", a coastal village in the country.

SUCCESS IN FIRST STEP

• Election Victory:- In June 2019, Nayib Bukele won Presidential election; and in 2021, his party Nuevas Ideas won Parliamentary, municipal and central american assembly elections.
• Bitcoin Legality:- In June 2021 at the Bitcoin Conference in Miami, USA, Bukele announced to legalize bitcoin. The bitcoin law was passed in El Salvador on 8 June 2021. On 7 September 2021, El Salvador became the first country to legalize crypto by accepting bitcoin as legal tender.
• Going Ahead with new economy:- Government released a new e-wallet app "Chivo", giving each citizen free $30 in bitcoin, hundreds of BTC ATMs were also installed across the country.

THE UNBITCOIN PROTEST

• In Your House:- On 16 September 2021, thousands of Salvadorans protested against Bitcoin. Riots by bitcoin opponents burned machines in many places. Chamber of Commerce of El Salvador conducted a survey in October 2021, and claimed 93 percent of people opposed the adoption of bitcoin.
• International Incidents:- El Salvador's Relations with IMF, US started getting sours. On 24 September, El Salvador's ally China illegalized Bitcoin.
• Wider Objections:- Not only crypto opponents, but proponents of cryptos other than Bitcoin also criticized El Salvador for only accepting bitcoin. Ethereum co-founder Vitalik Buterin described El Salvador sympthisers as "Bitcoin Maximalists".

WINNER BUKELE

• Never Give Up:- In November 2021, unbothred President Bukele announced a tax-free Bitcoin City and Bitcoin Bond, with the Bitcoin mining to be used to fund the project.
• Change But No Change:- Since the start of 2022, things are changed rapidly, IMF's warnings have become request; but, Bukele showed no signs of backing down. Bukele  even gave his own BTC predictions