President Bukele says the adoption of Bitcoin is changing the country’s economic landscape. He believes the time is up for fiat currency, and crypto should be used as a matter of priority.
Three months into experimenting with Bitcoin as legal tender, Salvadoran President Nayib Bukele has once again reaffirmed his belief in BTC’s supremacy. The President has this time stated on Twitter, “its game over for fiat” as the leading cryptocurrency experienced widespread adoption.
Hit back at those who have raised questions
The 40-year-old pro-crypto Salvadoran President uses his official Twitter handle to announce Bitcoin purchases the country makes. He is also famous for giving updates about how Bitcoin favors the Salvadoran economy via his official Twitter handle. Bukele used his latest tweet to hit back at those who have raised questions regarding El Salvador’s decision to legalize Bitcoin.
Despite pressing hard on the gas pedal toward Bitcoin use and adoption, Bukele’s move continues to receive a barrage of warnings and criticisms. The International Monetary Fund has continuously sounded warnings on the use of Bitcoin as legal tender. The IMF believes that the high volatility of cryptocurrencies poses a risk to factors like consumer protection, financial integrity, and financial stability.
Mulling the legitimacy of Bitcoin
In early December, Bank of England (BoE) governor Andrew Bailey expressed his misgivings about the goings-on in El Salvador, wondering if Salvadorans were aware of the risks associated with the use of cryptocurrencies. The continued concerns are happening at a time when countries like India are mulling the legitimacy of Bitcoin.
Russian President Vladimir Putin is on record for recently expressing criticism on the crypto space based on its volatile nature. Despite all the fuss, Bukele presses forward and continues to bring in more crypto-related items and activities to his country.
The country now has close to 1,500 Bitcoins
Following the adoption of Bitcoin as legal tender, El Salvador has used profits made from BTC or “surplus” from its Bitcoin trust account to finance the construction of 20 schools. In mid-October, the government announced it would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.
Bukele’s latest riff comes as El Salvador recently bought 21 BTC on Tuesday to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited to 21 million BTC. The country now has close to 1,500 Bitcoins in its reserve, which adds up to $76,417,935.
Tom is a long-serving freelance writer who specializes in the blockchain and cryptocurrency niche. You may even call him a crypto-enthusiast with over 10-years’ experience in content creation, blog writing, and SEO. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.