El Salvador’s Bitcoin Gamble Just Went Bust

El Salvador’s Bitcoin Gamble Just Went Bust
Salvadoran President Nayib Bukele participates in the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Nov. 20, 2021 (AP photo by Salvador Melendez).

As cryptocurrency investors nervously watched the value of their assets sink, one of Bitcoin’s greatest boosters announced this week that he was doubling down. Nayib Bukele, the hip, young president of El Salvador, hosted a meeting Monday with representatives of 44 countries to discuss the “benefits in our country” of using Bitcoin—another questionable move for a man who has put his country’s economy at risk to gamble on digital money. Bukele, a former public relations executive who now leads one of the hemisphere’s poorest nations, has been touting the so-far-elusive benefits El Salvador has gleaned from his controversial move last September to make Bitcoin the country’s […]

Keep reading for free right now!

Get instant access to the rest of this article as well as three free articles per month. You'll also receive our free email newsletter to stay up to date on all our coverage:

Or, Subscribe now to get full access.

Already a subscriber? Log in here .

What you’ll get with an All-Access subscription to World Politics Review:

A WPR subscription is like no other resource — it’s like having your own personal researcher and analyst for news and events around the globe. Subscribe now, and you’ll get:

  • Immediate and instant access to the full searchable library of 15,000+ articles
  • Daily articles with original analysis, written by leading topic experts, delivered to you every weekday
  • Weekly in-depth reports on important issues and countries
  • Daily links to must-read news, analysis, and opinion from top sources around the globe, curated by our keen-eyed team of editors
  • Your choice of weekly region-specific newsletters, delivered to your inbox.
  • Smartphone- and tablet-friendly website.
  • Completely ad-free reading.

And all of this is available to you when you subscribe today.

More World Politics Review