Nayib Bukele's stroke of political genius was to realise the potential in how the Salvadoran presidential election calendar coincided with Bitcoin's halving cycle.

I don't doubt his understanding of his electorate and that he viewed Chivo, or something like it, as necessary to roll out his plan. He will have known for years now that it was fragile and poorly built, even if it has improved over time. It has caused serious reputational damage - I wouldn't expect another nation state to imitate him on that front, but it's worth thinking about what he understood that made it seem essential and how better it could be achieved.