President of El Salvador: ‘Cryptocurrency will soon replace fiat’

The President of El Salvador has said that the growing mass adoption of cryptocurrencies currently means game over for fiat.

In a recent tweet, Nayib Bukele asserted that cryptocurrencies will soon replace fiat as popular cryptocurrencies like Bitcoin gain mass adoption.

Bukele said that many countries around the world are following the adoption of crypto by testing their own digital currencies, he believes the future when the world better understands crypto, the “game will end up for fiat.”

Bukele Reveals Bitcoin Is Changing El Salvador’s Economy

The President of El Salvador emphasized that his country was the first in the world to accept Bitcoin as legal currency. Although El Salvador initially announced the acceptance of Bitcoin, there was a backlash from other countries, but he said he would not give up.

“Other countries reacted violently when we announced Bitcoin acceptance but I don’t care, because Bitcoin is helping to change the face of the El Salvador economy.”

Bukele says that adopting Bitcoin is the best decision he has made so far.

Problems

There’s a lot going on when El Salvador accepts Bitcoin as legal currency.

A lot of recent accusations by El Salvadorans saying that they lost their Bitcoins in Chivo wallets (state-developed cryptocurrency wallets).

Many local newspapers said that although people have reported the case of losing Bitcoin when left in Chivo wallet, the Government has not yet come up with a solution, which has weakened confidence in using Bitcoin to replace Bitcoin. fiat currency.

El Salvador has faced countless challenges both internally and externally to Bitcoin adoption.

The International Monetary Fund (IMF) and other organizations around the world and many countries have turned their backs on El Salvador since the country accepted Bitcoin.