Bitcoin Mass Adoption Changes The Economy, Says El Salvador President


El Salvador officially accepted Bitcoin as a fully legal tender on September 7 this year. From the start, El Salvador faced a lot of criticism over the decision, but in the end, they passed a bill recognizing bitcoin as a legal tender.

Recently on December 24, El Salvador’s President Nayib Bukele took to Twitter and shared his thoughts on how the country is developing after adopting bitcoin.

Nayib wrote in the tweet that the world is now watching how the country’s economy is developing by adopting bitcoin. Now the Fiat currency game is over.

Naib has targeted almost everyone who previously criticised the acceptance of Bitcoin whether they were from El Salvador or from outside.

The International Monetary Fund (IMF) has recently published a report on El Salvador’s decision to accept bitcoin as a legal tender, saying that accepting bitcoin is a kind of experiment.

The IMF report did not name any country in specific but they were targeting El Salvador.

Speaking at the Cambridge University Students’ Union in September, the governor of the Bank of England Andrew Bailey,  also criticized El Salvador for accepting Bitcoin as a legal tender.

Bailey, however, is a well-known critic of Bitcoin, but El Salvador’s argument about adopting bitcoin is a kind of hammer to Nayib Bukele.

While Bitcoin critics have not stopped criticising El Salvador and President Nayib Bukele. However, Nayib Bukele continues to work for bitcoin and bitcoin-related programs amidst all the criticism

Recently El Salvador bought 21 bitcoins on Tuesday to celebrate the last “21st day of the 21st century”. This practice, which is celebrated on special occasions in El Salvador, shows that bitcoin is not just a property or currency, but a tool to show freedom and happiness for them.

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