Read this before criticizing El Salvador’s adoption of Bitcoin as legal tender

Hot takes on El Salvador’s Bitcoin ploy are plenty, but a small Central American country adopting the crypto as legal tender is a big deal. So bear with us, there’s lots to unpack.

Let’s start with the basics. El Salvador, of similar size and population to Massachusetts, lies on the Ring of Fire (a string of tectonic plates that causes active volcanoes and large earthquakes) nestled between the much larger Guatemala and Honduras. 

It’s a very religious nation — like much of the Spanish-speaking world — with two-thirds of the population describing themselves as Catholics or Protestants. 

El Salvador’s history is pocked by economic instability, coup d’etats, foreign meddling, civil strife, gang violence, drug trafficking, and authoritarian rulers. The country’s citizens want to change all that.

But what’s caught the eye (and ire) of some is current president Nayib Bukele’s decision to adopt Bitcoin as legal tender.

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