El Salvador abandons Bitcoin as legal tender

IMF gave them 1.4 billion to abandon the “experiment”:

> The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described.

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I dislike cryptocurrencies as much as the next guy but this was clearly something else than a failure of the currency itself

If you need to go to the IMF for a loan of ~3% of your GDP to mitigate the risks associated with Bitcoin, well, that's a pretty good sign that adopting Bitcoin as legal tender was a pretty disastrous failure.

What are you talking about? Their Bitcoin holdings more than doubled in value.

Yeah, i really dislike bitcoin, but have to admit, it has been a very profitable investment for a lot of people (and still hasn't completely crashed like expected)...

... although as a form of currency (as opposed to an investment) for El Salvador, it looks like it's a failure

The risk that IMF would be concerned about is that the value of their holdings could go to 0 overnight by a wallet hack, data loss, an unscrupulous government employee, or the world running out of greater fools.