El Salvador President Nayib Bukele Says We Are Going to See Major Changes in the Financial System in El Salvador as Bitcoin Adoption
Bukele held his faith in the direction he would take the country to El Salvador, under his leadership, legalized Bitcoin in September after months of planning and a majority vote from the country's parliament.
In a tweet yesterday, he said that while the world has tagged El Salvador's move as a "Bitcoin experiment" he expects his country to prove to the world that Bitcoin adoption can transform the economy of the country
He also added that once the world saw how Bitcoin changed El Salvador, it would be "Game over for fiat money," Bukele said, adding that his country would be engraved in history as "A country that sparked a real revolution"
His comments appear to be in response to the many criticisms the country has made for its acceptance of Bitcoin, the latest of which comes from Bank of England Governor Andrew Bailey.
In which he said he was concerned about the impact of Bitcoin adoption on El Salvador, the governor of the central bank said that Bitcoin has the potential to be worthless and highly volatile and therefore pose a threat to stability of the domestic economic system
Likewise, as El Salvador is planning to introduce a legal standard for cryptocurrencies as a legal settlement. The International Monetary Fund (IMF) criticized the move, highlighting that the country may face economic instability.
However, El Salvador, under Bukele's leadership, continues to drive Bitcoin adoption as the country is buying Bitcoin, which now holds a total of 1,141 Bitcoin.
After recently buying 21 more Bitcoins, marking the 21st day of the last 21 months of the 21st century, he considers this day important because the total number of Bitcoins is 21 million BTC and his country is 21,000 square kilometers.
His predictions about the ending of fiat money with mass Bitcoin adoption were well-received by those in the mainstream, according to Mexican billionaire and Bitcoin advocate Ricardo Salinas Pliego. The ending of fiat money is something that needs to happen, but it won't end well.