El Salvador: Never invest more than your people can lose, I guess?

I am pro-crypto for sure, but I see many people in here praising the El Salvador/Crypto “saga” and I don’t understand why?

A week ago, the Credit Rating Agency “Moody” downgraded El Salvador’s sovereign bonds due to their irresponsible and crappy implementation of crypto. Do you know how president Nayib Bukele addressed the matter? By replying “BREAKING: EL SALVADOR DGAF“. Do you know who certainly “GAF”? The lenders that a country in a financial crisis like El Salvador heavily relies on.

El Salvador is now down over $20 million since investing in BTC. This amount might not be a lot from your perspective, but we’re talking about El Salvador for god’s sake. One-third of Salvadorans can’t afford food yet their “crypto bro” president is day-trading Crypto on his phone with tax money.

Keep in mind, I am not attacking crypto per se. I am addressing how bad the implementation is and how terrible the consequences can be.

The whole thing was rushed and not discussed enough. There is no transparency at all and a lack of education on how bitcoin operates. A gov-run BTC wallet with so many reported hacking & vulnerabilities breaches along with a naïve “Mass adoption & promising projects” propaganda is not a good mix.

As a country filled with unrest, crime, and corruption, blind adoption is not a solution. Especially for developing countries facing many significant problems that put at risk the lives of their people. For many developing nations, the failure of El Salvador’s crypto vision will only confirm their doubts that adopting such technologies is ineffective.

Mass adoption means nothing if the implementation is this crappy. Please stop glorifying a dictator who’s objectively harming his own people and will eventually harm other nations’ perception of crypto.

Thanks.