What is the truth about the national application of Bitcoin? Existing evidence raises a series of thought-provoking questions.

El Salvador is widely promoted as a pioneer in Bitcoin adoption, but on-chain data analysis shows a different picture: the government claims that of the 6,114 Bitcoins purchased, 6,111 were actually transferred directly from Bitfinex/Tether affiliated wallets, rather than being purchased on the market. This raises questions about the true nature of the transactions.

A deeper investigation reveals that the drafting and promotion process of El Salvador's Bitcoin law seems to have involved external agencies rather than being entirely decided by the state itself. This context raises questions about the true motives and beneficiaries of this policy.

The Chivo wallet, hailed as a symbol of national digital currency application, has seen its usage rate drop by 98.9% six months after its launch, and it is currently in a marginalized state.

The President of El Salvador, Bukele, gained global attention through this policy, enhancing his personal visibility, while relevant financial institutions also benefited in various forms during this process.

These pieces of information together create a complex picture: the so-called national-level Bitcoin applications may resemble a carefully orchestrated financial showcase, rather than a genuine monetary policy innovation.

In the field of cryptocurrency, there is often a difference between appearance and reality. Understanding this background information helps investors and observers form a more comprehensive judgment and avoid being misled by simplified narratives.