Salvador’s President Nayib Bukele today issued a statement that smelled of threatening traditional financial markets by emphasizing in his Twitter statement that the Fiat currency would be finished if Bitcoin began to be accepted on a large scale.
President Bukele still maintains a pro-BItcoin tone and directly maintains Bitcoin buying activity. In a recent tweet, Bukele recorded a bit of frustration as El-Salvador has often received criticism from international organizations since implementing a law that allows Bitcoin to be a Legal Tender.
However, he stressed that while the whole world was cynical about his attempts, El Salvador managed to change the country's economic situation through the use of Bitcoin on a large scale.
Bukele stressed that when Bitcoin already dominates the economy then the fiat currency will only be a complement. At that point, El Salvador would be considered an important player leading the revolution.
What has been called by international organizations as “The #Bitcoin Experiment”, is nothing more than the world watching how mass adoption changes a country’s economy.
If it’s for the good, it’s game over for FIAT.
El Salvador is the spark that ignites the real revolution.
- Nayib Bukele 🇸🇻 (@nayibbukele) December 23, 2021
Despite Salvador getting global criticism especially from the IMF, President Bukele still puts his faith in Bitcoin. The IMF has issued a warning to El Salvador and maintained their anti-crypto stance.
The IMF warned by stressing that despite recording profits, the use of legitimate Bitcoin tenders has the potential to cause economic harm to consumers and the country’s financial stability due to high Bitcoin volatility. Furthermore, the IMF recommended that the Salvadoran authorities narrow the scope of its Bitcoin legislation, along with strengthening regulation and oversight of the new payments ecosystem.
However, despite the multiplied reaction and market crash, the country is still buying at every drop in the price of Bitcoin and also reaping its benefits.
