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In early June, a prerecorded video informed citizens of El Salvador that they were about to participate in a grand experiment. This would help the jobless, he added, and those left behind by banks. Instead, the message was played for a cheering crowd of international Bitcoin enthusiasts at a conference in Miami. A fan of open source technology, he does not consider himself an enemy of Bitcoin, but he was troubled by how the government seemed to be foisting bitcoin on its people. So he took to Twitter. Over the subsequent weeks, his criticism of the plan grew in volume, as did his following.

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So he took to Twitter. Over the subsequent weeks, his criticism of the plan grew in volume, as did his following. The next morning, he was driving his mom to work, as usual, when he was pulled over by the national police. Gomez recalls feeling more confused than terrified. He quickly typed a message to his roughly 8, Twitter followers before the officers confiscated his phone. His mother took a photo of him loaded into the bed of a police truck, which took him to a nearby station and then to another, where he says he was denied access to a lawyer.

Meanwhile, a protest grew on Twitter demanding his release. Six hours later, the authorities let him go. The Salvadoran police have since said Gomez is being investigated for unspecified financial crimes, though no charges have been filed. Gomez and lawyers from Cristosal, a human rights group representing him, contend his detention is connected to the information he shared about Chivo and was an act of intimidation for speaking out. He finds it rather ironic.

Bitcoin has long been held up as a beacon of freedom from banks and governments. The national police did not respond to a request for comment. Seated in the chair reserved for the president of the legislature, Bukele prayed to God, who he later said told him to have patience.

He did not need to wait long. Soon after, Bukele engineered an extension of his presidential term beyond the usual limits. But within El Salvador, Bukele remains popular, with polls putting his approval rating at more than 80 percent.

Activists such as Gomez say the government has moved too fast and that the struggling people Bukele claims he wants to help are the most likely to sustain losses. Those policies have largely been crafted by a small group of presidential advisers, many of them foreign, according to people involved in the discussions. Created in the wake of the global financial crisis, Bitcoin's fans have held it up as a symbol of freedom, an open financial technology free of government control that would give people more autonomy.

Now, they are helping to prop up an increasingly autocratic regime, one that could offer a roadmap for others around the world. For some Salvadorans, the hypocrisy is easy to spot.

Strike is one of several Bitcoin wallets that use the Lightning Network, a technology that makes it easier for people to spend Bitcoin, ordinarily slow to use and involves high fees. Mallers had arrived in the country a few weeks earlier to surf and to observe an intriguing experiment in the coastal town of El Zonte, also known as Bitcoin Beach, where an anonymous donor had set up residents with Bitcoin wallets.

The government had been interested in blockchain technology, entertaining proposals from international consultants, according to reporting by the Salvadoran newspaper El Faro , for things like a digitized national currency and blockchain-based government services.

But Mallers says he bonded with the brothers over a plan that would make Bitcoin a central part of daily Salvadoran life. He agreed to advise them on the project. They also called it a practical victory for poor and working Salvadorans. Three days later, the Bitcoin bill was passed by the Assembly, set to take effect in early September.

Within the crypto community, fissures quickly erupted. Many embraced the news—and the president—wholeheartedly; others described him as a necessary evil.

Others see less upside for locals. While legal-tender status is clearly a watershed moment for Bitcoin, the practical benefits are less clear for Salvadorans, says Jill Gunter, an investor who has researched the use of cryptocurrency in struggling economies like Venezuela. Bitcoin is a volatile, speculative asset that requires time and education for people to use it responsibly, she says.

And technologies like Lightning are new and not yet particularly suited for handling the needs of millions of users. None of that appears to have factored into the launch. On the eve of the September launch, Mallers, sitting in Chicago in a trucker hat and a tie-dye hoodie, was feeling optimistic about the prospects for Salvadorans.

The law did not look like a draft he had seen. Gone was the highfalutin language he had suggested about enshrining financial freedoms.

Instead, there was the now infamous Article 7, a provision that requires merchants to accept Bitcoin—a mandate. Bukele has since said that there are no penalties for businesses that decline it. Mallers also feared the government was moving too quickly. There would be risks of hacks and bugs and privacy flaws. The deck appeared stacked in favor of the government. To Mallers, that looked like a recipe for trouble.

On September 7, the Chivo launch was greeted with protests in the streets of San Salvador. Merchants worried about volatility and the requirement that they accept Bitcoin; others cited a lack of transparency about the origins of the law, the Chivo wallet, and the public money that would fund the effort.

If it were bitcoins, how would profits from that fund be used, and what would happen if the value fell suddenly? Bukele has since tweeted that Bitcoin profits were being used to fund a variety of programs, including dental care and a veterinary hospital called Chivo Pets. The price of Bitcoin plummeted nearly 10 percent on launch day; by early January, it remained at roughly the same level. Bukele has called the launch a success, with more than 2 million downloads, and his supporters say Bitcoin is already helping low-income Salvadorans.

On the day the law went into effect, an organizer behind Bitcoin Beach held a live Twitter Space to mark the historic occasion—dubbed Bitcoin Day—with a toast. Salvadoran supporters living in the US joined to share their excitement. The government's finance ministry said in October that roughly 2. Some in El Salvador have suggested those numbers may be inflated.

Salvadoran users say basic functions, like using the Lightning network to process payments, have been unreliable, which makes moving money from Chivo to other apps, like Strike, especially bumpy. Strike declines to comment on Chivo or the Bukele administration, and says that it remains one of the most downloaded apps in El Salvador.

According to reports from El Faro , the company has outsourced development of the app to contractors, and the company's legal representatives include an official under sanctions by the US government for corruption. Bitcoin remained a top concern at pro-democracy protests in San Salvador in October and December. He thinks bitcoin is risky for people who live day to day, especially in El Salvador, where 68 percent of the workforce is in the informal economy.

The source of these funds is also shrouded in mystery; Lopez says the government has provided no evidence that it has actually bought bitcoins. But Bukele was pressing forward with other ventures. After citing progress with the Chivo Pet hospital, he moved on to the big announcement: Bitcoin City. The city would be built on the edge of the Conchagua volcano, he said, giving easy access to geothermal energy to mine bitcoins, and would have no taxes except for sales tax. Standing beside him onstage was Samson Mow, chief strategy officer of Blockstream, a company that develops Bitcoin products.

The plan had been in the works since the summer, Mow says, after Mallers introduced him to the president and he pitched the bond idea as a way to fund bitcoin mining infrastructure. Blockstream would issue the bond along with Bitfinex, a cryptocurrency exchange that issues Tether. The mining idea had been dropped in favor of a city, but Mow was unbothered.

He compares it to the idea behind Hong Kong or Dubai: Bring international investment, create a safe regulatory environment, and watch the benefits flow to locals. Some analysts have noted that financial firms are unlikely to take on the risk, and that Bitcoin fans would be better off buying the coins directly.

Investors who spend big on the offering will receive Salvadoran permanent residency. Multiple people familiar with the discussions say the administration sees the Bitcoin bond as a potential solution for its lack of dollars.

The country has a junk-bond rating and a dwindling number of friends abroad. Staff Writer Twitter. Topics bitcoin Blockchain cryptocurrency Finance El Salvador.

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