Salvadoran President Nayib Bukele Fires Back At Bitcoin Detractors

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Key Takeaways:

  • El Salvador’s current President chastised BTC naysayers.
  • El Salvador’s inventive actions, he claims, threaten the world’s most powerful people and elites

The first nation to officially recognize Bitcoin as legal money is El Salvador. This implies that BTC can be used in the nation for transactions just like money. They have been amassing Bitcoins concurrently as an investment in the hopes that they will generate substantial profits in the future.

He published an opinion piece titled “Stop Drinking The Elite’s Kool-Aid” in Bitcoin Magazine after experiencing a lot of criticism from Bitcoin opponents.

President Nayib Bukele directed his criticism at those who believed El Salvador’s choice to be incorrect.

The world’s wealthy elites and those who support them are our most strident opponents and are forcing them to change their minds out of fear.

Many people have referred to the nation’s Bitcoin endeavor as a complete failure. Even worse, there are rumors that this action is causing the country to collapse. 

Nayib Bukele, however, recently clarified that the situation is not at all what has been reported and that the accusations made by the media are untrue.

Bukele also refutes the numerous headlines that suggest the “entire country’s economy was decimated by a $50 million loss,” which have appeared in publications like Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times, and The Washington Post.

In his editorial piece, Bukele also adds:

Without increasing taxes, in 2021 our GDP increased by 10.3%, tourism revenue increased by 52%, employment increased by 7%, new businesses increased by 12%, exports increased by 17%, energy generation increased by 19%, energy exports increased by 3.291%, and internal revenue increased by 37%. Additionally, there have been 95% fewer crimes and murders this year.

The President defends that “they (the powerful class) used to own everything” and still do so, including the media, banks, NGOs, international organizations, as well as all the countries and companies in the world, by further denouncing three factions of opponents who merely fear El Salvador’s innovative judgments.”

Many country residents are pleased with the government’s action. Many people’s lives have improved once BTC was recognized as legal money. It spares the consumers a lot of money on banking fees while also being quick and simple to use.

The International Monetary Fund (IMF) also continues to have frequent meetings with Salvadoran government officials notwithstanding its concerns with El Salvador’s decision to make bitcoin legal tender last year.

Bukele claims that by transforming into the hub of Bitcoin acceptance, El Salvador is gaining economic self-sufficiency, financial autonomy, and resistance to censorship. He, therefore, expects there to be “a lot of interests groups, elites, and oligarchs pulling their strings.”

According to Nayib Bukele, those who oppose their actions the most are also the ones who stand to gain from them.

They know that BTC will alter everything for El Salvador, so they are prepared to go to great lengths to harm the nation for their own gain.

According to the Salvadoran official, it is completely absurd to assert that the nation has already ended in failure because one knows that bitcoin is a very huge experiment.

The creator of Bitcoin, Satoshi Nakamoto, once said: “I’m sure that in 20 years there will either be a very huge transaction volume or no volume.” His most recent views are similar to that.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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