Nayib Bukele Responds to El Salvador’s Btc Policy Critiques

by in Cryptocurrency News

El Salvador Nayib Bukele Bitcoin

The president of El Salvador is at the center of discussions for his Bitcoin policy. In September El Salvador made Bitcoin legal tender, becoming the first country to do so. Along with this, the government has been adding its BTC holdings.

Related: UK CB’s Governor Is Concerned About El Salvador’s BTC Policy

President Bukele's move wasn't perceived well by everyone. Many, including the opposition, International Monetary Fund, British central banker Andrew Bailey, stockbroker Peter Schiff criticized him, saying Bitcoin is volatile and legalizing it can have bad impacts.

Recently Salvadorian president mentioned critiques in his tweet, saying while international organizations call El Salvador's strategy "The Bitcoin Experiment", it's just the world watching how mass adoption changes the economy of the country.

Nayib Bukele said if successful, the process is a game against fiat. He added El Salvador is the start of the real revolution.

The latest Bitcoin purchase El Salvador made was on December 21. Then the government bought 21 Bitcoins, for around $49.000 per coin. At the moment, Bitcoin trades at $51.100.