Crypto swoon over tiny El Salvador much ado about nothing
Local opposition to President Nayib Bukele’s bitcoin plan is widespread, suggesting take-up will be low. A damp squib is more likely than the financial dislocation some critics are prophesying.
Early adopters of virtual currencies have a clear incentive to promote mainstream acceptance. The more buyers, the higher the price.
Crypto fans therefore hatched an online plan to bolster bitcoin as El Salvador legalised the tokens for payments. This did not go exactly to plan. The knock-on rise in other cryptocurrency prices was another disconnect.
