Can Bitcoin Be a National Currency? El Salvador Is Trying to Find Out.

SAN SALVADOR, El Salvador—President Nayib Bukele called Canadian videogame developer and bitcoin enthusiast Samson Mow up on stage at a beachside bitcoin convention in November that had the flair of a rock concert.

In front of a screen emblazoned with the phrase “Feel the Bit,” Mr. Mow unveiled the tiny Central American country’s novel international finance idea: a plan to raise $1 billion by issuing the world’s first bitcoin-backed sovereign bond. The crowd, a mix of mostly crypto advocates, Bukele fans and a few curious locals, erupted in loud cheers as they filmed the event on their smartphones.