El Salvador President Lashes Out At U.S. Senators for Raising Red Flag on the Bitcoin Experiment
El Salvador President Nayib Bukele is confidently moving ahead with integrating Bitcoin into the economy. Known for his blunt response to his critics, Nayib Bukele has lashed out at the U.S. Senators who recently expressed concerns about El Salvador’s Bitcoin experiment.
The Senators passed a bill dubbed ‘‘Accountability for Cryptocurrency in El Salvador Act’’ to monitor what impact does the nation’s Bitcoin law could have on the United States. In his recent tweets, Bukele writes:
Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. The US Government DOES NOT stand for freedom and that is a proven fact. So we will stand for freedom. Game on! Bitcoin is FU money!
The bill hasn’t exactly stated that it ‘fears’ El Salvador’s Bitcoin experiment. However, it does put a caution note to it. Also, one of the stipulations in Section 2 of the bill calls the need to examine the “potential for reduced use by El Salvador of the United States dollar”.
So far the USD has been the world’s reserve currency. However, the adoption of Bitcoin on a massive scale can possibly put a dent in the USD’s global dominance. Ever since El Salvador passed the Bitcoin law, its sovereign debt has got a negative rating.
President Bukele has also spoken about the news surrounding the arrival of Bitcoin bonds.
El Salvador Bitcoin Bonds Coming Ahead
On Wednesday, March 23, Reuters published a report, also covered by CoinGape, stating that El Salvador has postponed the launch of its Bitcoin bonds citing unfavorable market conditions.
However, President Nayib Bukele has completely rejected this narrative stating “The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before”.
He stated that his government is working with Bitfinex to bring the Bitcoin bonds to market. On the other hand, Binance CEO Changpeng Zhao is visiting El Salvador to meet President Bukele. Not many details of the meeting are available yet.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
