President Bukele hits back at criticism of ‘Bitcoin experiment’

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Salvadoran President Nayib Bukele on Thursday reaffirmed his belief in the supremacy of Bitcoin (BTC) on Twitter, this time saying that after widespread adoption, “it’s the end of fiat.”

The Salvadoran president has made headlines due to his government’s regular BTC purchases and his outright 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.

Related: El Salvador Buys 420 More Bitcoins

President Bukele’s recent tweet comes as the international community is launching a barrage against El Salvador for its “Bitcoin experiment”.

The International Monetary Fund criticized El Salvador’s decision to adopt Bitcoin as legal tender in June, but the country adopted it nonetheless and began accepting BTC as legal tender in September. Andrew Bailey, Governor of the Bank of England, is a well-known critic of Bitcoin. More recently, during a speech at the University of Cambridge Students Union, Bailey expressed concern over El Salvador’s decision to use Bitcoin as a currency due to its extreme volatility.

What international organizations have called the “#Bitcoin experiment” is nothing more than the world watching how mass adoption is changing a country’s economy.

If it’s for the good, it’s 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 viewed El Salvador as a “Bitcoin experiment,” it was transforming its economy with the massive adoption of Bitcoin. Bukele also claimed that when fiat is no longer a factor in relation to BTC’s dominance, El Salvador will be seen as the spark that sets off the real revolution.

Since the adoption of Bitcoin as legal tender, El Salvador has used the profits from Bitcoin or the “surplus” of 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.

Bukele’s latest riff comes as El Salvador recently bought 21 BTC on Tuesday to celebrate the “last day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited to 21 million BTC.

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