El Salvador President Faces Criticism for Approving Bitcoin as Legal Tender

Bitcoin Investment - How to Make the Most of It

The President of El Salvador, Nayib Bukele, has been facing negative comments in all directions until recently. The main reason for this heavy backlash is his Bitcoin nationalization policies. According to many people, his new idea has taken away the freedom of choice from the people that are the main objective and feature of decentralized cryptocurrencies.

The list of his critics includes the co-founder of Ethereum, Vitalik Buterin. One of the people who have taken a jab at Bukele on Twitter recently is Professor Steve Hanke. Hanke is a prominent economist and academic hailing from John Hopkins University. In response to the harsh comments of Hanke, Bukele has recently posted a response.

Steve Hanke, the economist, posted on his Twitter feed that Bitcoin has dropped down to 6 weeks low prices, and Nayib Bukele is claiming to buy the dip. He posted these harsh lines a few weeks ago on his Twitter account as a way to criticize the policies of the El Salvador President. However, now Bukele has retweeted the post claiming that it has lost all meaning.

At present, Bitcoin prices are once again on a bullish streak. This change of pace is contributed by the shopping spree of Bitcoin by the whale investor. Another major factor for this bullish movement is the possibility of Bitcoin pegged ETF approval by the Securities and Exchange Commission.

Bitcoin Adoption in El Salvador is Gaining More Traction

Many investors claim that the idea of adopting Bitcoin on a national level is full of risks. However, as per the vision of President Nayib Bukele, Bitcoin has the potential to save the country from the dangers of money devaluation of the USD and also the rising rate of inflation. Bukele also believes that the country will be able to salvage the remittance money that is wasted on the third-party transaction facilitators like Western Union.

However, the government has taken many eccentric steps to ensure that the rapid and mass adoption of Bitcoin. Among these decisions, there is the case of Chivo wallet that is offering $30 worth of free Bitcoin for every new sign up. There is also volcanic-powered energy for powering up the Bitcoin farms. Furthermore, Bukele also has plans to build a veterinary hospice in El Salvador with Bitcoin revenues.