James Bosworth, author of the Latin America Risk Report: “Salvadorans haven’t embraced Bitcoin; few use any cryptocurrency wallet. Many businesses report that customers rarely, if ever, use crypto wallets for payments. Fewer than three percent of remittances come via cryptocurrency transfers, and the numbers have remained steady after an initial surge last September. Part of the challenge is that Bukele has abused his authority in terms of how the cryptocurrency project has been managed and mismanaged. The government’s Chivo wallet experiment was full of technology glitches, doesn’t correctly connect to the broader Bitcoin Lightning network and raised suspicion among rights activists for both corruption in the initial contracting processes and the data that the app collected. Bukele’s own purchasing of Bitcoin has been done with almost no oversight. A president announcing on Twitter that he will ‘buy the dip’ is pure populism, demonstrating the lack of a transparent and institutional process that is sustainable across administrations…”