Will Bitcoin Be El Salvador's Passport to Riches?

Nayib Bukele, El Salvador’s populist, social media-savvy president, has bedazzled the ruby-red laser eyes that dot the Twitter profiles of Bitcoin fanatics. They’re cheering his decision earlier this month to hitch his country’s wagon to the cryptocurrency. Beyond the true believers, however, the reception has been chillier. And that’s what should be on his mind.

The cryptocurrency is now legal tender in El Salvador, meaning merchants have to accept it. A geothermal Bitcoin mining project is in the works; and a golden visa program for Bitcoin-denominated investors is being launched. Crypto influencers have gushed over how “fast” Bukele was able to roll this all out, but they’ve been seemingly oblivious to the distinctly non-libertarian methods he’s used to tighten his grip on power, from sending soldiers into Congress to seizing control of the top court.