The adoption of Bitcoin is changing El Salvador’s economic landscape according to Salvadoran president.
On Thursday, President Nayib Bukele of El Salvador reaffirmed his belief forBitcoin (BTC) supremacy on Twitter once again, this time stating that after widespread adoption occurs, “it’s game over for fiat.”
The Salvadoran president has been a mainstay in news headlines due to his regular BTC purchases and absolute pro-Bitcoin stance. He has made frequent statements and comments to support the original cryptocurrency while refusing to budge in the face of criticism that Bitcoin is a bad idea for the nation.
President Bukele’s recent tweet comes as the international community launches a barrage against El Salvador for its “Bitcoin experiment.”
The IMF criticized El Salvador’s move to adopt Bitcoin as legal tender in June, but the country nevertheless passed it and began accepting BTC as legal money in September. Governor of the Bank of England, Andrew Bailey, is a known critic of Bitcoin. More recently, while speaking at the University of Cambridge Students’ Union, Bailey expressed his concerns over El Salvador’s decision to use Bitcoin as a currency due to its extreme volatility.
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
However, Bukele fired back at his critics, pointing out that while the rest of the world regarded El Salvador as a “Bitcoin experiment,” they were transforming their economy with Bitcoin mass adoption. Bukele also claimed that when fiat is no longer a factor compared to the BTC dominance, El Salvador will be regarded as the spark that starts the real revolution.
Since adopting Bitcoin as legal currency, El Salvador has used Bitcoin profits or the “surplus” from its Bitcoin Trust account to finance the construction of 20 schools. In mid-October, Bukele announced that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.
President Bukele’s latest riff comes as El Salvador recently bought 21 BTC on Tuesday to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited by 21 million BTC.