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Bitcoin adoption by a small American country was the coin’s biggest milestone. It is incredible to see that an entire nation is hodling the flagship cryptocurrency in its treasury. Following how El Salvador’s president, Nayib Bukele embraced BTC, many supported and many concerned. ON Thursday, Bukele reaffirmed his beliefs for the leading crypto coin supremacy on Twitter once again. Moreover, he stated that after widespread adoption occurs, it would be a game over time for government issued fiat currency.
Bitcoin changes Salvadoran economic landscape
Nayib Bukele believes that the adoption of the millennial payments infrastructure is changing their economic landscape. Bukele has been a mainstay in news headlines due to his government’s regular purchase of dips. Moreover, the government has an absolute pro-BTC stance. Indeed, the Salvadoran president has made frequent statements and comments to support the original crypto while refusing to budge in the face of criticism that the coin is a bad idea for the nation.
International Monetary Fund criticizes BTC adoption
The latest tweet by the Salvadoran president came following the international community launching a barrage against the country for its experiment. Notably, the International Monetary Fund has been criticizing Bukele’s move to embrace the leading cryptocurrency as a legal tender in June. However, the nation nevertheless passed it and began to accept the coin as a legal tender.
Andrew Bailey, the governor of the Bank of England, has been popularly known for critic stance against the leading coin. While speaking recently at the University of Cambridge Students’ Union, Bailey expressed his concerns over the nation’s decision to use the coin as currency due to its extreme volatility.
Nayib Nukele fired back
Bukele fired back at his critics and pointed out that while the rest of the world regarded their stance as an experiment, it was transforming their economy. Moreover, the president claimed that when fiat is no longer a factor compared to the coin’s dominance, the nation will be regarded as the spark that commenced the real revolution.
As the nation adopts the flagship crypto asset as legal currency, El Salvador has used coin designed by Staoshi Nakamoto, to construct 20 of schools with the profits. Furthermore, a couple of months later the Salvadoran president also announced that the government would spend $4 million from the BTC Trust to construct a new veterinary hospital in San Salvador.
