The tricks failed to materialize. Poverty remained rampant and El Salvador ended up being forced to suspend its Bitcoin program just to take a puny IMF loan. In the end, no crypto entity stepped in to help them when they needed 1.4 billion in USD. We know from Greece's example that IMF measures lead a state economy to disaster. But imagine how desperate a country had to be to accept an IMF intervention over a loan totalling only around 4% of its GDP.
Too many expectations from a third world country.
Just like others have said, it's too early to conclude if the whole thing was a failed experiment. Four years of purchase seem to be a long time, but I don't think we should expect a swift change in the Economy of a third world country. And one interesting thing is, if actually it was a failed Experiment, the IMF wouldn't demand that El Salvador stop purchasing Bitcoin. There are so many third world countries with high GDP and a better resources than El Salvador, but still has high poverty rate despite being a puppet to the IMF.
Bitcoin didn't shield El Salvador from disruptions in the world economy, it didn't enrich its citizens, it didn't protect it from foreign corporations plundering its resources for cheap etc.
Was Bitcoin meant to enrich everyone in El Salvador?, No I don't think so.
Making it a legal tender was to serve as another acceptable means of payment within the country, and to also encourage adoption within, which not everyone in El Salvador will certainly be part of. And accumulating it as a country won't make much impact in that space of four years. Like I said, too many expectations from a third world country.
