One year on, El Salvador's Bitcoin experiment has proven a spectacular failure

By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

A year ago, El Salvador became the first country to make Bitcoin legal tender – alongside the US dollar, which the Central American country adopted in 2001 to replace its own currency, the colón.

President Nayib Bukele, a cryptocurrency enthusiast, promoted the initiative as one that would deliver multiple economic benefits.

Making Bitcoin legal tender, he said, would attract foreign investment, generate jobs and help “push humanity at least…

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