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It was supposed to be a bitcoin oasis but reality set in

It was supposed to be a bitcoin oasis but reality set in

Some people cash in their retirement savings to buy crypto. Nayib Bukele did it with El Salvador’s treasury and the experiment is failing miserably.

Zeke Faux

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On an estuary along the coast of El Salvador, a few miles west of the Conchagua volcano, about 70 families live in a settlement called Flor de Mangle. It’s named for a mangrove forest where residents pluck oysters and crabs by hand from the brackish water.

The first group of inhabitants came about 20 years ago, some of them former soldiers and guerrillas displaced by a brutal civil war. Harvesting shellfish, herding cattle and growing mangoes and corn, they earned enough to raise families and build houses, first of tin and wood, then of concrete.

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Bloomberg Businessweek

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Original URL: https://www.afr.com/markets/currencies/it-was-supposed-to-be-a-bitcoin-oasis-but-reality-set-in-20221107-p5bwa3