adoption of Bitcoin

The President of El Salvador defend the adoption of Bitcoin

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The Bank of England, as we all know by now, is not in any way a big fan of Bitcoin or the adoption of Bitcoin growing in countries around the world, such as El Salvador. The governor – Andrew Bailey – repeatedly expressed his concerns over the time, but this time, the president of El Salvador, Nayib Bukele, gave an answer.

Bailey is “worried” about El Salvador and Bitcoin

adoption of Bitcoin – Ever since the small Central American nation has outlined its plans to adopt Bitcoin as a legal means of payment in June of 2021, a lot of global financial organizations have been trying to warn the country not to do so. Apart from the IMF, the Bank of England, led by BTC critic Andrew Bailey, was the most vocal one.

The institution has used almost every opportunity since then to double its firm belief that El Salvador should only be using fiat money instead of crypto. The latest such example came just earlier this week, shortly after the country’s leader – President Nayib Bukele – announced his plans to build a new Bitcoin City.

As Bloomberg reported, Bank of England governor Andrew Bailey said that El Salvador’s decision to implement BTC is concerning as a lot of locals would be impacted by the cryptocurrency’s infamous volatility.           

“It concerns me that a country would choose it as its national currency,” Bailey declared in response to a question at one of his appearances at the Cambridge University student union on Thursday. He added – “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”

President Bukele’s answer to these allegations

adoption of Bitcoin – Although only a few months have passed since El Salvador has decided to legalize BTC as a means of payment, the experiment seems to be working well for the country, at least according to the frequent updates published by President Bukele or the people in his administration.

For example, the nation has used the volatility mentioned above, especially when the price has fallen, to accumulate more shares of the asset and to use profits when the price rises to make plans to buy new animal hospitals or schools. Bukele’s opinion is fairly strict on this matter – the allegations are not true, and the El Salvador people can use even Bitcoin’s well-known volatility in order to make gains.

Addressing Bailey’s latest comments, President Bukele responded in a somewhat ironic way, especially about Bailey’s “real” concerns about the people of El Salvador. His reply was in the form of a tweet, where he questioned the honesty of the Bank of England’s concern regarding the adoption of BTC in El Salvador. You can read his full tweet here:

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