As per the President of El Salvador, the adoption of bitcoin is changing the economic landscape in El Salvador and the rest of the world. On Thursday, the president of El Salvador said via Twitter that we might see the end of the fiat currency.
Nayibb Bukele has once again affirmed his faith in the bitcoin (BTC). The latest post comes when the international community launches a new attack on El Salvador for its “bitcoin experiment.”
The International Monetary Fund in June expressed concern about the actions of Salvadoran authorities, who have accepted bitcoin as legal instrument. Its own Andrew Bailey, governor of the Bank of England and a known critic of cryptocurrency who recently spoke in the University of Cambridge expressed his concern over the country’s decision. He stated that BTC should not be considered legal as a currency due to its extreme fluctuations in its exchange rate.
In the end, what the international organizations have referred to as”the “bitcoin experiment” is nothing more than the widespread adoption of cryptocurrency, which is altering the way we conduct business. At present, there is only one country has been the only exception.
President of El Salvador believes that this could signal one of the first signs of the demise for fiat currencies.
El Salvador is the spark that ignites a real revolution.He wrote on Twitter.
In the end, Bukele also responded to remarks from his critics insisting that even though most of the world sees El Salvador to be a nation that has been trying out bitcoin, the country’s payment reforms are transforming the economics of the entire state, all due to the widespread acceptance of cryptocurrency. He also claimed that once fiat currencies stop playing their role as the dominant currency, El Salvador will be considered a pioneering nation that has ushered in changes across the world.