Andreas Kohl, a bitcoin enthusiast who moved to El Salvador three years ago, has announced his decision to leave the country. This choice stems from the current administration’s changing stance on bitcoin and a series of unmet government promises.
The Bukele administration’s recent approach to bitcoin adoption has left many in the bitcoin community disheartened, especially those who relocated in search of a cryptocurrency utopia. In a heartfelt social media thread, Kohl voiced his frustrations, saying, “Bitcoin as legal tender, Bitcoin bonds, Bitcoin City, and citizenship for investments (not donations) of 3 BTC were the promises that brought me to El Salvador in January 2022.” He emphasized that these initiatives remain unfulfilled.
By January, Kohl had already resolved to depart, convinced that these promises would not materialize. He criticized the government for consistently overlooking proposals from innovators eager to contribute to the country’s development, while instead favoring influencers and marketers who merely promoted a positive narrative about the administration’s actions.
Kohl’s sentiments resonate with others in the community. John Dennehy, founder of Mi Primer Bitcoin, an educational organization, has also expressed disappointment in El Salvador’s new direction. He remarked, “As someone who dropped everything to move to El Salvador in 2021 and build in ‘Bitcoin Country,’ I’m profoundly disappointed by recent events here.” Nevertheless, Dennehy has chosen to remain, highlighting that “there are tons of people and organizations doing great work on the ground. That’s always been the most important thing.”
The implications of the $1.4 billion deal with the International Monetary Fund (IMF) on El Salvador’s image as a bitcoin-friendly nation are yet to be determined.
