“Game Over for Fiat”: El Salvador’s President Nayib Bukele hits back on critics

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El Salvador has been busy using Bitcoin as its legal currency for three months since September. With the crypto space now expanding, Nayib Bukele, the country’s pro-crypto president, has predicted that the days of fiat currency are definitely over. The “Fiat” team refers to the existing physical currencies such as the rupees or the dollar. Bukele tweeted that his country was the “spark” that sparked a “real revolution” by legalizing Bitcoin.

The 40-year-old Salvadoran president often tweets about his government’s new Bitcoin purchases. He is also known for providing updates on how Bitcoin has benefited the Salvadoran economy through his official Twitter handle.

In his latest tweet, Bukele appears to have targeted those who asked questions about El Salvador’s decision to legalize Bitcoin.

What has been dubbed “The #Bitcoin Experiment” by international organizations is nothing more than the world watching mass adoption transform a country’s economy.

If it’s for a good thing, FIAT is game over.

El Salvador is the spark that ignites the real revolution.

– Nayib Bukele: flag-sv: (@nayibbukele) December 23, 2021

However, Bukele’s pro-crypto approach has dragged El Salvador to the fore of criticism and warnings in recent days.

Recently, the International Monetary Fund (IMF) warned El Salvador not to use Bitcoin as legal tender due to its high price volatility and associated risks with factors such as consumer protection, financial integrity and financial stability.

Earlier this month, Bank of England (BoE) governor Andrew Bailey raised concerns about the citizens of El Salvador and asked if Salvadorans were even aware of the risks to which their finances had been exposed.

These concerns from leaders and global financial institutions for El Salvador come at a time when several other nations, including India, are considering the legitimacy and regulation of cryptocurrencies.

Recently, Russian President Vladimir Putin voiced criticism of the crypto space, which described the market as very risky and volatile.

Regardless, Bukele has made strides by bringing more crypto-friendly items and activities to his nation.

From setting up bitcoin ATMs to creating a government-backed bitcoin wallet called Chivo for Salvadorans, Bukele is optimistic about the expansion of crypto adoption and use cases.

In November, Bukele announced its plans to build a bitcoin town at the base of Conchagua volcano to power bitcoin mining with renewable energy and to address the process-related carbon footprint issue.

The country now has nearly 1,500 bitcoins in its reserve, which adds up to $ 76,417,935 (about 574 billion rupees). Currently, Bitcoin is trading at around $ 50,973 (approximately Rs. 38 lakh) on international exchanges such as CoinMarketCap.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
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