Economist Peter Schiff traveled to El Salvador and attempted to pay for dinner in bitcoin, but the restaurant declined the payment.

Trip and experiment

Schiff dined with Anthony Pompliano, a prominent bitcoin advocate, and later asked a server to accept payment in BTC as a test.

Schiff posted about the refusal on X, highlighting the contrast with El Salvador's 2021 move to grant bitcoin legal tender status.

Policy change under IMF agreement

Under pressure from the IMF, the government effectively revoked bitcoin's mandatory acceptance in 01.01.2025 in exchange for a $1.4 billion loan.

After the change, businesses may refuse BTC, taxes cannot be paid in bitcoin, and the state Chivo wallet will be closed gradually.

Surveys indicate 92% of Salvadorans do not use bitcoin for transactions, while the planned Bitcoin City project remains unbuilt after nearly four years.

State holdings and reserves

Despite these policy shifts, the Bukele administration continues to acquire bitcoin and holds 7,547 BTC, valued at about $650 million.

Official purchases reportedly proceed at a pace of one bitcoin per day, while the central bank also bought $50 million of gold.

Gold reserves were brought to 67,403 ounces, approximately $360 million in value, according to official figures.

Analysts and local reports describe the almost four-year experiment as unsuccessful, with adoption rates remaining low and infrastructure plans unrealized.