President Bukele retaliates to global criticism on ‘Bitcoin experiment’

President Bukele retaliates to global criticism on ‘Bitcoin experiment’


El Salvador’s President, Nayib Bukele, has reaffirmed his belief for Bitcoin supremacy through a tweet once again, with his latest post declaring the widespread adoption in these words: “it’s game over for fiat.”


In last three months, since Bitcoin had been legalized as tender in El Salvador, its President has witnessed a mainstay in news headlines, especially fueled by his government’s regular Bitcoin purchases and his dedicated pro-Bitcoin stance. 


All in all, Bukele keeps making frequent statements and comments for supporting the original cryptocurrency while refusing to budge to any kind of criticism regarding Bitcoin being a bad idea for the nation.


His latest tweet has come as support when the international community has launched a barrage against El Salvador for the “Bitcoin experiment.”


The International Monetary Fund had criticized El Salvador’s move to adopting Bitcoin as legal tender, but the country nevertheless passed it with effect from September 2021.


Bank of England’s Governor, Andrew Bailey, is a widely known critic of Bitcoin, who, more recently while speaking at the University of Cambridge Students’ Union, expressed his concerns over El Salvador’s decision of using Bitcoin as a currency. He made the statement owing to Bitcoin’s extreme volatility.


However, Bukele fired back again at the critics, resonating that while the entire world dubbed it as a “Bitcoin experiment,” his country had taken a step towards transforming its economy with Bitcoin mass adoption. 


Bukele also claimed that when fiat no longer remains a factor in comparison to Bitcoin’s dominance, El Salvador’s decision would be lauded, and it would be regarded as the spark that started the real revolution.


Since Bitcoin was officially adopted as legal currency, El Salvador has been using Bitcoin profits or the “surplus” from its Bitcoin Trust account in financing the construction of 20 schools. In mid-October, Bukele had made an announcement that the government would spend $4 million from the Bitcoin Trust in building a new veterinary hospital in San Salvador.


Bukele’s latest comes in the form of the El Salvador government recently buying 21 Bitcoins on December 21 to celebrate the “last 21st day of the year 21 of the 21st century” and to commemorate the scarcity of Bitcoin as its supply is limited to 21 million Bitcoin.

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