El Salvador has been using Bitcoin as legal tender for three months since September. With the crypto space now expanding, Nayib Bukele, the country’s pro-crypto president, has predicted that the era of fiat money is over. The “Fiat” team refers to existing physical currencies such as the rupee or the dollar. Bukele tweeted that his country was the “spark” that triggered a “real revolution” by legalizing Bitcoin.
The 40-year-old Salvadoran president often tweets about his government’s new Bitcoin purchases. He is also known for providing updates on how Bitcoin has helped the Salvadoran economy through his official Twitter account.
In his latest tweet, Bukele appears to have targeted those who asked questions about El Salvador’s decision to legalize Bitcoin.
What international organizations are calling “the #bitcoins experiment” is nothing more than the world watching mass adoption transform a country’s economy.
If it’s for the better, it’s over for FIAT.
El Salvador is the spark that ignites the real revolution.
– Nayib Bukele: flag-sv: (@nayibbukele) December 23, 2021
However, Bukele’s pro-crypto approach has put an end to criticism and warnings in El Salvador in recent days.
Recently, the International Monetary Fund (IMF) warned El Salvador against using Bitcoin as legal tender given the high price volatility and the risks associated with factors such as consumer protection, financial integrity and financial stability.
Earlier this month, Bank of England (BoE) governor Andrew Bailey expressed concern about the citizens of El Salvador and wondered if Salvadorans were even aware of the risks to which their finances had been exposed.
These concerns from leaders and global financial institutions for El Salvador come at a time when several other countries, including India, are considering the legitimacy and regulation of cryptocurrencies.
Recently, Russian President Vladimir Putin criticized the crypto space for calling the market very risky and volatile.
In any case, Bukele has made strides in bringing more crypto-friendly items and activities to his country.
From creating bitcoin ATMs to creating a government-backed bitcoin wallet called Chivo for Salvadorans, Bukele has become optimistic about expanding crypto adoption and use cases.
In November, Bukele announced its intention to build a bitcoin town at the base of Conchagua volcano to power bitcoin mining using renewable energy and address the related carbon footprint issue.
The country now has nearly 1,500 bitcoins in its supply, equivalent to $ 76,417,935 (around 574 billion rupees). Bitcoin is currently trading at around $ 50,973 (about Rs. 38 lakh) on international exchanges such as CoinMarketCap.
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