Fiat days are over with crypto mass adoption, says Bukele

Bukele

TL;DR Breakdown

  • El Salvador president says fiat days are over soon with high crypto adoption.
  • Mocks countries that insult El Salvador over Bitcoin adoption as legal tender.

The President of El Salvador has said that the mass adoption of cryptocurrency currently experience means game over for Fiat.

He said this in a post on his verified Twitter page, asserting that it is game over for Fiat once Bitcoin mass adoption is completed.

Beyond his tweets and speeches, Buke has continued to make the headlines with his consistent Bitcoin purchases, along with absolutist pro-Bitcoin stances.

Bukele reveals Bitcoin is changing phase of El Salvador’s economy

The El Salvador president noted that his country is the first globally to adopt the Bitcoin as a legal tender. He pointed out that they received backlash from world organizations and countries that called them “Bitcoin Experiment.”

Responding to the backlash, Bukele said while the rest of the world was frowning upon them as a mere ‘experiment,’ El Salvador was changing the face of its economy through Bitcoin mass adoption. Additionally, Bukele asserted that when Fiat is out of the picture in lieu of Bitcoin’s absolute global dominance, El Salvador will be considered “the spark” that ignited “the real revolution.”

Latest Bitcoin headache Bukele faces in El Salavador

The country’s latest challenge with its Bitcoin law is recent allegations that Salvadorians Bitcoin are disappearing in their state-backed Chivo wallet.

Local media in the Central American country says many residents have experienced the disappearing while the government is yet to address the issue.

Indeed, Bukele is yet to say anything in response to the allegation, while residents say they expect a reversal or a refund.

Beyond this, El Salvador has faced myriad of challenges both within and outside over its Bitcoin adoption.

The International Monetary Fund (IMF) and other world bodies and many countries have turned their backs on the Central American country since it adopted the digital asset.

Bukele, however, says El Salvador is fine with its new found bride (Bitcoin).

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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