El Salvador is three months deep into using bitcoin as a legal currency since September. As the crypto space continues to expand, the country’s pro-crypto president Nayib Bukele has predicted that the days of fiat currency are gone for good. The team “fiat” refers to existing physical currencies such as the rupee or dollar. Bukele tweeted that his country is the “spark” that has ignited a “real revolution” by legalizing bitcoin.
The 40-year-old Salvadoran president frequently tweets about new bitcoin purchases made by his government. He is also known to provide updates on how bitcoin is favoring the economy of Salvador through its official Twitter to handle
by international organizations “The .” what is called as #bitcoin experiment”, with the world seeing nothing but how mass adoption changes a country’s economy.
If it’s for good, it’s game over for Fiat.
El Salvador is the spark that ignites the real revolution.
— nyb bukele: flag-sv: (@nayibbukele) December 23, 2021
However, Bukele’s pro-crypto approach has been dragged down El Salvador The end of criticism and warnings in recent times.
Recently the International Monetary Fund (IMF) warning El Salvador to stop using bitcoin legal tender, given its high price volatility and the risks associated with factors such as consumer protection, financial integrity and financial stability.
earlier this month, Andrew Bailey, the governor of the Bank of England (BoE) expressed concern for the citizens of El Salvador, questioning whether Salvadorans are even aware of the risks to which they have exposed their finances.
Recently, Russian President Vladimir Putin Expressed criticism of the crypto space, describing the market as overly risky and volatile.
Despite this, Bukele continues to move forward by bringing more crypto-friendly items and activities to its country.
From setting up a bitcoin ATM to building a government-backed bitcoin wallet chivo For the people of Salvador, Bukele is rapidly advancing in terms of crypto acceptance and expanding use cases.
In November, Bukele launched the A. disclosed its plans to build bitcoin city Based at the Conchagua Volcano, to power bitcoin mining with renewable energy and tackle the carbon footprint issue associated with the process.
The country now has about 1,500 bitcoins, which has increased to $ 76,417,935 (about Rs 574 crore). Currently, bitcoin is trading at around $50,973 (approximately Rs 38 lakh) on international exchanges like CoinMarketCap,