It can help, and it can be a solution, but that doesn't mean this would take everything and help all poor countries if they don't help themselves as well. Crypto remains a tool for improvement, but this only applies to those who want it, not those who wait and relax.
Every leader should take responsibility for the improvement of their economy. Like El Salvador, the president takes risks and struggles before people are proud of his actions. Maybe other countries can do the same to see the fruitful outcomes of inventing crypto, particularly bitcoin. We can't tell if this could help until we try. Who knows exactly if this action will uplift the economic situation of the country?
Every leader should take responsibility for the improvement of their economy. Like El Salvador, the president takes risks and struggles before people are proud of his actions. Maybe other countries can do the same to see the fruitful outcomes of inventing crypto, particularly bitcoin. We can't tell if this could help until we try. Who knows exactly if this action will uplift the economic situation of the country?
El Salvador was the first country to accept bitcoin as legal tender but it is still not the only legal currency there, they still use USD as their official currency. In addition, the fact that they have made great strides in improving the country is not because they accepted bitcoin but because president Nayib Bukele has had strong policies in cracking down on crime and reviving the economy in many different ways. If I remember correctly, in the last election, 90% of voters decided to vote for Nayib Bukele because they supported his policy of cracking down on crime because this was the most difficult issue in their country.
In my opinion, to improve a country's economy, the president and the government need to find the causes and weaknesses of the economy and come up with solutions. It is not possible to fix and improve a national economy simply by legalizing a decentralized and volatile currency.
