You do not get it right at all. Do not think bitcoin will 100% heal an economy. Even do not expect bitcoin to contribute at all but to see it as a payment means and as a reserve. It is not bitcoin that will provide employment for everyone in El Salvador and it is not only what that will contribute to an excellent economic.

El Salvador has been in dept before the country made bitcoin a legal tender. Neither was the country had good economy as if something changes. Not that El Salvador was perfect before but bitcoin still helped in some areas like increasing in tourism as bitcoin made El Salvador to be a tourists attraction. But I am surprised that most people and the news I read about it said that El Salvador economy did not improve when the country adopt bitcoin as a legal tender. They are all getting it wrong including you because the economy is not bad than before.

Just know that bitcoin served his purpose in El Salvador but IMF is about fiat and the organization is not supporting anything that is not fiat. IMF is not right but El Salvador got no option. If possible the country can do without the loan, bitcoin served its purpose.


El Salvador was not a failed experiment.

The lesson is; bitcoin is simply money that has more value than every other money. Bitcoin is simply a currency that is better than every other currency. I understand it's more technical than this, but in this context, that is what it is.
Adopting a new currency doesn't fix every single wrong that's going on in that country.
Adopting bitcoin doesn't mean there will be no security issues, inflation, unemployment, etc. Bitcoin is simply money and if you don't work for money you won't get it.

Let's say the government has a bitcoin reserve and they make a profit after 10 years, there's no amount of profit bitcoin will give them that can help them eradicate poverty from the country or turn the economy around. They still need to do the needful if they want to have an economy that flourishes. They have to create jobs to battle unemployment. They have to make their environment investor-friendly and make sure citizens have money to patronise foreign investors before foreign investors can come into the country.

Adopting bitcoin as legal tender is just one thing out of a long list of things that they need to do. Unfortunately, the body (IMF) that's supposed to help them grow sees things differently from them and has its own agenda.

IMF doesn't give loans unless they're satisfied the govt's going to force cutbacks every where. When IMF bailed out Greece they didn't show flexible attitudes so Greece's govt took actions their ppl didn't want. It was a bad experiment. IMF isn't the answer. They'll target every part of El Salvador's economy hurting ordinary ppl.

 If El Salvador is a failed project, what then would we say of Central African Republic? It's kinda funny how it seems like no one is talking about them and focusing all their attention on El Salvador.
We should not fault Nayib's over-excitement over the prospect of including Bitcoin as a means of payment in their country but I guess it's his over ambitiousness that brought him to this point.
 Just as the others have said, you can't solely rely on BTC to revive a failed economy because after the whole dust have settled down from the announcement of being the first country to accept Bitcoin as legal tender, the challenge of making it work lies in wait.
I feel that El Salvador were too in a hurry to heed the advice of the IMF that's why they had to discontinue use of BTC since they needed financial aid do badly.

How about blaming the IMF on the role it has in making Third World countries much more poor and it's citizens slaves so that they can service the stupid loans?
What El Salvador tried to do was monumental, and I wouldn't call it a failed experiment because it's work in progress.

The old monetary and financial systems are what I call failed experiments because after all those years we still have people languishing in poverty even in developed countries

el salvador had a bitcoin reserve and still does.. so no failure there
IMF said to stop accumulating bitcoin (4th march 2025) and do so by december 2025.. and el salvador decided to buy 5btc more yesterday.. so seems like el savador didnt drop their bitcoin reserve instantly, but instead add to it

el salvador is still buying for its bitcoin reserve, still mining,..

now for the complicated controversies:
el salvador made bitcoin legal tender in summer 2021, but instead of actually offering a software app to its citizens that actually involved the bitcoin network and bitcoin transactions... they were(my word/my opinion) "conned" into playing around with a non bitcoin network (LN to be exact) as the backbone of its chivo wallet from autumn 2021.
and yes the LN advocates that helped chivo set up chivo backbone of its system, pretended LN was bitcoin..  and yes by spring 2022 LN failed to do its job for el salvadorians.  
so again bitcoin didnt fail but LN pretending to be bitcoin failed

so with not many el salvadorians actually using bitcoin. there was not much loss to changing things from a mandatory payment option of retailers accepting chivo payments, alongside dollar, to now be a voluntary option,,
(many retailers refused to continue using chivo from 2022 anyway)

el salvador is continuing to deal with bitcoin via mining and the reserve, but doing it in a different way than the con artists they invited in 2021 whom conned them into LN services

..
lets wait for the bitcoin 2025 ATH in autumn-winter.. and then see how el salvador responds to the IMF in december...

El Salvador is being ran using the the fiat standard, not the Bitcoin standard. Moreover, it is subject to the global fiat standard, not the Bitcoin standard. Just because the country embraced Bitcoin as an alternative doesn't mean it will turn its condition around all of a sudden. Bitcoin isn't a magic wand, a silver bullet. But it can't be denied that certain people, families, have improved conditions after adopting Bitcoin.

On the other hand, however, any country shouldn't fall to the exaggerations, or perhaps scams, of Bitcoin maxis that Bitcoin adoption would turn countries from frogs to princes.

In what world is making $300 million profit from bitcoin, providing you with the financial means to dramatically reduce crime and poverty  
and pay off your debts, considered a failure? By any stretch of the imagination that is a successful investment.

But I am sure the IMF banksters would much prefer to see El Salvador dirt poor and impoverished as it has been
for the last 70 years when it was following all of the IMF dictates and policies.

The goal of the IMF has always been to keep people and nations in permanent debt slavery.
They are no different than loan sharks. As long as you are indebted to them they literally own you.

You seem to have a totally wrong perspective about El Salvador's Bitcoin policy. The project was not designed to lift the country out of a financial mess, neither was it paraded as a means to shield El Salvador from IMF loans. The country has been in bad shape and Nayid Bukele is trying to fix it. He managed to reduce the crime rate of the country, which was its major problem. Bitcoin was just a program designed to diversify the economy of El Salvador.

Don't also forget that El Salvador is the first country to make Bitcoin a legal tender, so they made some mistakes because they were doing some experiments. Other countries can learn from the mistakes of El Salvador and improve on them.

Now, we should also take note that a President would always make hard decisions when there is an emergency. Bukele taking a loan from the IMF and readjusting the Bitcoin policy is not a bad move if the economy needs the money. Afterall the country didn't sell any of its hodling and it is still buying more coins.

El Salvador is a pride of the Bitcoin ecosystem and should be appreciated for being bold enough to be the first country to make Bitcoin a legal tender.