Fiat days are over with crypto mass adoption, says Bukele
El Salvador's 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.
What has been called by international organizations “The #Bitcoin Experiment”, is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for FIAT.El Salvador is the spark that ignites the real revolution.
— Nayib Bukele (@nayibbukele) December 23, 2021 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 Bitcoin as a legal tender. He pointed out that they received backlash from world organizations and countries that called them the “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 instead 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 is disappearing in their state-backed Chivo wallet.
Local media in the Central American country says many residents have experienced the disappearance 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 a 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 newfound bride (Bitcoin).