Nayib Bukele Is Getting Desperate To Use Crypto, Say Game Over For Fiat Money

President Nayib Bukele and family during Christmas celebrations. (photo: twitter)

JAKARTA - El Salvador has been using Bitcoin as a legal currency for three months since September 2021. As the crypto space is now expanding, President Nayib Bukele, who is known to be very pro-crypto has predicted that the days of fiat currency will be gone forever.

The "fiat" team refers to an existing physical currency such as the Rupee or the Dollar. Bukele tweeted that his country was the “spark” that had sparked a “real revolution” by legalizing Bitcoin.

The 40-year-old President of El Salvador, as reported by Gadgets 360, frequently tweets about his government's new Bitcoin purchases. He is also known to provide updates on how Bitcoin supports the El Salvador economy through his official Twitter account.

In his latest tweet, Bukele appears to be targeting those asking questions regarding El Salvador's decision to legalize Bitcoin.

What has been called by international organizations as “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's pro-crypto approach has, however, drawn El Salvador to a raft of criticism and warnings in recent days.

Recently, the International Monetary Fund (IMF) warned El Salvador to stop using Bitcoin as a legal tender, given the high price volatility and risks associated with factors such as consumer protection, financial integrity, and financial stability.

Earlier this month, Andrew Bailey, Governor of the Bank of England (BoE) expressed concern for Salvadorans, questioning whether Salvadorans are even aware of the risks they pose to their finances.

This concern from global financial leaders and institutions for El Salvador comes at a time when several other countries, including India, are considering the legitimacy and regulation of cryptocurrencies.

Recently, Russian President Vladimir Putin expressed criticism of the crypto space calling the market extremely risky and volatile.

Despite that, Bukele has actually stepped forward by bringing more crypto-friendly goods and activities to the country.

From building Bitcoin ATMs to creating a government-backed Bitcoin wallet called Chivo for Salvadorans, Bukele has also been bullish when it comes to expanding crypto acceptance and use cases.

In November, Bukele revealed its plans to build a Bitcoin City at the base of the Conchagua volcano, to support Bitcoin mining with renewable energy and address the carbon footprint issues associated with the process.

The country now has nearly 1,500 Bitcoins in its reserves which adds up to $76,417,935. Currently, Bitcoin is trading for around $50,973 (Rp 724.8 million) on international exchanges such as CoinMarketCap.