El Salvador President asserts Bitcoin (BTC) mass adoption as “game over for FIAT”
The Salvadoran President, Nayib Bukele took to Twitter yet again to reinstate Bitcoin’s dominance, however this time around he also asserted that once Bitcoin mass adoption is complete, “it’s game over for FIAT”. President Bukele has maintained a permanent slot in news headlines given his consistent Bitcoin purchases, along with absolutist pro-Bitcoin stances.
In his tweet, Bukele noted that because El Salvador was the first ever country to implement Bitcoin Legal Tender, they received considerable backlash from international organisations, calling El Salvador “The Bitcoin Experiment”. Nevertheless, he highlighted that while the rest of the world was frowning upon them as a mere ‘experiment’, El Salvador was changing the face of its economy through Bitcoin mass adoption. Additionally, Bukele asserted that when Fiat is out of the picture in lieu of Bitcoin’s absolute global dominance, then El Salvador will be considered as “the spark” that ignited “the real 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
Salvador receives global criticism
President Bukele has maintained his faith in Bitcoin despite substantial global criticism. From the International Monetary Fund (IMF) warning El Salvador against its Bitcoin legal tender to the infamous anti-crypto and pro-gold, Stock Broker, Peter Schiff calling Salvador’s BTC investments as waste of ‘the taxpayers hard earned income’, there were and still continue to be instances against Salvador’s BTC adoption. However, despite the backlash and manifold market crashes, the country still bought every Bitcoin dip this 2021 and also reaped its benefits, marking a landmark in the crypto community.
Towards the end of last month, IMF alerted Salvador highlighting that despite large scale crypto gains, the use of Bitcoin legal tender could potentially inflict economic harm upon the consumers and the nation’s financial stability because of Bitcoin’s high volatility. Furthermore, IMF suggested the Salvadoran authorities to narrow the scope of its Bitcoin law, along with strengthening regulations and oversight of the new payment ecosystem.
“Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities.”, IMF stated in the published piece.
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Blockchain for Good Alliance and UNDP AltFinLab Launch Blockchain Impact Forum
- ‘Trump Insider Whale’ Increases Bitcoin Short As U.S. Counters China in New Australia Deal
- Trump Advisor Hints US Government Shutdown Could End This Week, Opening Door for XRP ETF Ruling
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
