Crypto

El Salvador will go down in history as the beginning of a true revolution, says President Bukele.

The Governor of the Bank of England has expressed concern that the citizens of El Salvador will be harmed by the use of bitcoin as legal tender. On the other hand, President Bukele hopes that the adoption of bitcoin in the country is a sign of an economic change.

His response to the country’s criticism comes after El Salvador added 21 more bitcoins to its reserves.

El Salvador Faces Massive Economic Changes Thanks to BTC

According to the country’s president, Nayib Bukele, El Salvador is on the way to experiencing a massive change in its economy thanks to the adoption of bitcoin.

The President reiterated his confidence in the direction he is giving his country. Under his leadership, El Salvador adopted Bitcoin as legal tender last September, after months of planning and a majority vote in parliament. In a tweet posted yesterday, he said that while the world has described El Salvador’s move as a “bitcoin experiment,” he hopes the country will show the world that mass adoption can transform the country’s global economy.

He adds that the rest of the world will also be interested in bitcoin when they see how the situation in El Salvador has changed. It will be “game over for Fiat”. Bukele added that his country would go down in history as “the spark that ignites a true revolution.”

Critical voices and the twenty-one

His conviction appears to be a response to the many criticisms the country has faced for accepting bitcoin as legal tender. The latest criticism came from the Governor of the Bank of England, Andrew Bailey, who expressed concern about the consequences of the adoption of bitcoin in El Salvador. The governor said that Bitcoin has the potential to become useless and is highly volatile, posing a threat to the stability of the country’s economy.

The International Monetary Fund (IMF) has been equally critical, emphasizing that the country is likely to face economic instability.

Under Bukele’s leadership, El Salvador continues to massively encourage bitcoin adoption. The country continues to buy bitcoins, and the most recent purchase of 21 BTC occurred on the 21st of the last month of the 21st century. El Salvador now has 1,141 bitcoins. Bukele said that he considers this day to be important because there will only be 21 million bitcoins in circulation and his country also covers an area of ​​21,000 square kilometers.

conclusion

Nayib Bukele accomplished something that seemed almost impossible just a year ago. It has enforced the use of BTC as legal tender in the country and it seems to be working very well. Some key market players responded to his prediction of the end of fiat currencies with the massive adoption of bitcoin. According to Mexican billionaire and fervent bitcoin supporter Ricardo Salinas Pliego, the end of fiat currencies is inevitable, but it won’t be a pretty sight … we’ll see.

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