Nayib Bukele is making headlines once again. Unsurprisingly it is for recent remarks against his administration’s detractors concerning their Bitcoin stance. The leader who likes to call himself the CEO of El Salvador took to Twitter to make the bold claim that fiat currencies are finished.
Details Of The Tweet
The President explained that the country’s adoption of Bitcoin had not gone down well with many international organizations. He recounted that many had derided the choice to make Bitcoin a legal tender terming it an experiment. Bukele, however, believes that this narrative will be short-lived. He believes that countries are waiting to see the outcomes at the moment, and when it works according to his prediction, El Salvador will be hailed as a pioneer.
Political Concerns
The leader’s recent stance with Bitcoin has brought uncertainty. Aside from his aggressive adoption of cryptocurrency, the United States also worries about the country’s democracy. Bukele has insisted that the citizens maintain absolute faith in him instead of the institution.
A worrisome move with the majority of the legislature on his side saw his administration overhaul the Judiciary and dissolve anti-corruption agencies. This week alone, a couple of officials of the El Salvador government received sanctions from the United States for corruption-related practices. Nayib has said that the United States wants El Salvador to be subservient and not work.
Unshaken Belief and Bitcoin City
The President doesn’t seem to be letting any of these issues slow him down in the race to achieve his Bitcoin goals. Three days ago, the leader revealed that the country had purchased 21 more Bitcoins in a bid to celebrate the 21st day of the 21st year of the 21st century. The leader even delayed making sure that the time aligned to make the purchase.
In a conference, Bukele had announced his plan to launch a billion-dollar bond backed by Bitcoin with which he plans to solve infrastructural issues and build a Bitcoin city. He proposes that the government will run the peculiar project entirely with Bitcoin. Furthermore, Bukele has assured that the city will be green, choosing a coastal site near a volcano to power it.
IMF Warnings
International bodies, including the IMF and the World Bank, have sent various warnings to the El Salvador government over adopting Bitcoin as a currency. The IMF believed that the unstable nature of these tokens could hurt economic stability. In addition, they say it endangers the citizens, calling for the country to build better infrastructure and regulations.
The President, however, remains an ardent believer in the potential of cryptocurrency to turn the tide for the country. El Salvador has bought every dip since it adopted the token. It currently holds a reserve of over 1,000 tokens and counting.
Bukele has stated that the country is already seeing the benefits. If Bitcoin maximalists like Michael Saylor are believed, El Salvador might yet reap a bountiful harvest. Saylor once said that he expects the token to hit a value of $6 million.