Why is Bitcoin use down 99.8% in El Salvador? HODL, IMF & more…

Bitcoin transaction volume in El Salvador has plunged about 99.8% as users largely HODL, the Chivo wallet’s uptake and merchant acceptance remain low, initial cash-incentive subsidies ended, and volatility plus technical and access issues discouraged everyday use. IMF criticism and broader regulatory and investor concerns have also constrained integration with the financial system. The net effect is Bitcoin behaving primarily as a speculative/store-of-value asset rather than a medium of exchange in El Salvador. This outcome implies that legal-tender status alone does not drive transactional adoption; operational support, incentives, and macroeconomic trust matter more for on-the-ground use.