That essentially means that a large part of the “currency” in El Salvador has lost more than half its value. Today, it’s hovering around the $20,000 mark. When El Salvador made its $425 million bet on Bitcoin, it was trading at an all-time high (then) of $47,000. It was either going to be a stroke of genius that revolutionized the country and made it an investor’s paradise, or it was going to be an unmitigated disaster.Ī little over a year in, it’s beginning to look like a disaster. When El Salvador announced the switch to Bitcoin in September last year, economists around the world saw the move in much the same way. The Bitcoin Conversion Has Not Gone According To Plan More importantly, it was going to become a tax haven, where Bitcoin investors from all over the world could live and trade Bitcoin. At a ribbon-cutting ceremony in November 2021, Bukele promised that Bitcoin City would break ground on its own airport, new commercial and residential developments and its own Bitcoin mining facilities. This crypto paradise was supposed to include all new infrastructure designed to facilitate the cryptocurrency trade. Bukele also proclaimed he would build a Bitcoin City, which would serve as an international hub for Bitcoin investors. As part of effecting the change, El Salvador’s central bank purchased nearly $425 million worth of Bitcoin. In announcing the country’s adoption of Bitcoin as legal tender, he did just that. With this as a backdrop, Bukele felt the need to make a radical move to turn the country’s fortune around. In addition to being one of the poorest countries in the Western Hemisphere, El Salvador is plagued by a pernicious violent crime problem because of the entrenched presence of MS-13, one of the world’s most notorious street gangs. Up to that point, El Salvador had been famous for many reasons, but none of them were good.

Needless to say, there were raised eyebrows around the world when Bukele announced the country’s move to Bitcoin. Led by its young president, Nayib Bukele, El Salvador sought to change its economic fortunes overnight with this decision. The Central American nation of 6.5 million residents became the first country in the world to accept Bitcoin as legal tender. It is definitely intended for the little ones, but without an adult to go with them, a very young child is likely to get confused, so I recommend you make it a joint adventure and explore the world of Inkdrop and Snowflake/Snowflake and Inkdrop together.A little over a year ago, El Salvador made a bold bet on Bitcoin. No matter where you begin, you are sure to be charmed by this clever but short and simple picture book about Inkdrop’s and Snowflake’s journeys to see their world. The laser cutouts give glimpses of what Inkdrop and Snowflake have in store for them, and, as one might expect from an author named Gatti, many of the scenes include a cat! (I have not yet figured out how Signor Baccalario left his own mark.) As I was about to open the book to read it, though, I realized that the back flyleaf was upside down! Turning the book over, I discovered “The Story of Snowflake and Inkdrop.” Oh, my gosh, where am I supposed to begin? It doesn’t matter you will be delighted either way.Īlthough this book was written by two acclaimed authors of young people’s books, it is a bit light on story, and the best feature is the artwork. When I opened the Amazon package I found myself looking at “The Story of Inkdrop and Snowflake”, and the flyleaf told me the (very interesting) backgrounds of the authors and illustrator. This charming picture book tells the stories of Inkdrop and Snowflake, each one looking for their destiny and finding each other, and is deceptively simple. My only regret is that I did not have a young child with me when I explored it for the first time.

I am at least 7 decades older than the intended audience for this story, but I could not resist it, and I was NOT disappointed.

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