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El Salvador President Lashes Out At U.S. Senators for Raising Red Flag on the Bitcoin Experiment

El Salvador President Nayib Bukele is confidently moving ahead with integrating Bitcoin into the economy. Known for his blunt response to his critics, Nayib Bukele has lashed out at the U.S. Senators who recently expressed concerns about El Salvador’s Bitcoin experiment.

The Senators passed a bill dubbed ‘‘Accountability for Cryptocurrency in El Salvador Act’’ to monitor what impact does the nation’s Bitcoin law could have on the United States. In his recent tweets, Bukele writes:

Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. The US Government DOES NOT stand for freedom and that is a proven fact. So we will stand for freedom. Game on! Bitcoin is FU money!

The bill hasn’t exactly stated that it ‘fears’ El Salvador’s Bitcoin experiment. However, it does put a caution note to it. Also, one of the stipulations in Section 2 of the bill calls the need to examine the “potential for reduced use by El Salvador of the United States dollar”.

So far the USD has been the world’s reserve currency. However, the adoption of Bitcoin on a massive scale can possibly put a dent in the USD’s global dominance. Ever since El Salvador passed the Bitcoin law, its sovereign debt has got a negative rating.

President Bukele has also spoken about the news surrounding the arrival of Bitcoin bonds.

El Salvador Bitcoin Bonds Coming Ahead

On Wednesday, March 23, Reuters published a report, also covered by CoinGape, stating that El Salvador has postponed the launch of its Bitcoin bonds citing unfavorable market conditions.

However, President Nayib Bukele has completely rejected this narrative stating “The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before”.

He stated that his government is working with Bitfinex to bring the Bitcoin bonds to market. On the other hand, Binance CEO Changpeng Zhao is visiting El Salvador to meet President Bukele. Not many details of the meeting are available yet.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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