El Salvador's , Bitcoin Experiment Hit Hard , by Falling Price of Crypto.<br />Reuters reports that El Salvador's experiment <br />of adopting bitcoin as the nation's <br />legal tender appears to have stalled.<br />Reuters reports that El Salvador's experiment <br />of adopting bitcoin as the nation's <br />legal tender appears to have stalled.<br />El Salvador had plans to build, the world's first cryptocurrency city, powered by a volcano.<br />President Nayib Bukele promised <br />that "Bitcoin City" would be a haven <br />for crypto investors and miners. .<br />The area where the circular metropolis, designed to <br />look like a bitcoin symbol from above, is supposed to be remains covered by dense jungle one year after the transition to crypto.<br />Reuters reports that no indication was <br />found that any progress toward building <br />this experimental city has been made.<br />The recent drop in the value of bitcoin <br />has spooked investors, as it's now worth <br />half of what it was just one year ago.<br />El Salvador adopted bitcoin as <br />legal tender on September 7, 2021.<br />According to the Bukele government, the country's <br />bitcoin policy has attracted investors, reduced <br />bank commissions to zero and increased tourism.<br />According to the Bukele government, the country's <br />bitcoin policy has attracted investors, reduced <br />bank commissions to zero and increased tourism.<br />A survey by the National Bureau of Economic Research (NBER) found , “bitcoin is not being widely <br />used as a medium of exchange." .<br />According to the NBER study, users, "do not understand it, they do not trust it, <br />it is not accepted by businesses, it is very <br />volatile, and it involves high fees.”.<br />According to the NBER study, users, "do not understand it, they do not trust it, <br />it is not accepted by businesses, it is very <br />volatile, and it involves high fees.”.<br />The survey also found that only 20% of <br />companies in El Salvador accept cryptocurrency <br />despite a law requiring them to do so
