A "financial institution" is just an entity that is legally allowed to engage in sending money from one party to another. So the vision is just "let's make something illegal"?
Today, you can not only easily trade BTC against other currencies but also spend them at many merchants. There's even a country (El Salvador) that has adopted it as legal tender. These days, the daily transaction volume is in the multibillion dollar range (and that's just counting transactions that are settled "on-chain").
Is your objection that since it is less commonly adopted than USD, it therefore has lower utility than USD? Or that its utility was higher in the past? I am not quite sure I understand your question or argument.
Billions per day is basically wash trading by quants. What % of that is actual merchant transactions for goods or services?? Almost 0%
> Billions per day is basically wash trading by quants.
Trading is done on centralized exchanges and doesn't show up in the figure I mentioned ("on chain" transactions). So close to 100% are for goods, services or value transfers.
> Everyone seems to hate bitcoin in el salvador
It's obviously not true that everyone hates Bitcoin in El Salvador. Perhaps some percentage of the population? But I've just seen several videos on the URL you linked that were quite positive. The president, Nayib Bukele, obviously doesn't hate Bitcoin and is still hugely popular in El Salvador[0].
[0] https://en.wikipedia.org/wiki/Opinion_polling_on_the_Nayib_B...
It seems you've reached a conclusion based on a gut feeling, and are constructing arguments to back your viewpoint. This hints that you might not be interacting with this topic with the necessary objectivity and investigative spirit to truly understand it.