El Salvador President Nayib Bukele says, ‘It’s game over for dollar, Bitcoin is future’

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El Sal­vador Pres­i­dent Nay­ib Bukele, a staunch sup­port­er of Bit­coin believes that days of fiat cur­ren­cy are gone for good. In a tweet, Bukele announced Fri­day that Bit­coin is the “real rev­o­lu­tion” the world is see­ing at present and days for fiat cur­ren­cy is limited.

The team “fiat” refers to the phys­i­cal cur­ren­cies like the Rupees or the Dol­lar. Through his lat­est tweet, the 40-year-old Sal­vado­ran Pres­i­dent tar­get­ed those who raised ques­tions regard­ing El Salvador’s deci­sion of legal­is­ing Bitcoin.

He tweet­ed: “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,” adding that, “El Sal­vador is the spark that ignites the real revolution.”

In Sep­tem­ber, El Sal­vador became the world’s first nation to adopt Bit­coin as legal ten­der, a move that gen­er­at­ed glob­al media atten­tion but also attract­ed crit­i­cism from the oppo­si­tion and the Inter­na­tion­al Mon­e­tary Fund (IMF) warn­ing the coun­try to not make Bit­coin a legal ten­der, con­sid­er­ing risks relat­ed to the volatil­i­ty of the cryptocurrency.

How­ev­er, in Novem­ber, Bukele said that it plans to build the world’s first “Bit­coin City”, fund­ed with the issuance of a $1 bil­lion Bit­coin Bond. The city will be locat­ed along the Gulf of Fon­se­ca near a vol­cano. Bukele’s admin­is­tra­tion is count­ing on Bit­coin to spur the country’s eco­nom­ic growth, and invest­ment, assum­ing that Bit­coin price remains on an over­all upward trajectory.

Accord­ing to Bukele, the res­i­dents of Bit­coin city won’t have to pay any income, prop­er­ty, cap­i­tal gains or even pay­roll tax­es. The city would be built with attract­ing for­eign invest­ment in mind.

It should be not­ed that until Novem­ber 26, El Sal­vador had 1,220 Bit­coins and the El Salav­do­ran Pres­i­dent is on a spree of adding Bit­coin to its coun­try funds.

Mean­while, Eswar Prasad, an inter­na­tion­al trade pol­i­cy pro­fes­sor at Cor­nell Uni­ver­si­ty last week warned that the world’s most pop­u­lar cryp­tocur­ren­cy could fade out in the near future. In a recent inter­view with CNBC, Prasad stat­ed that Bitcoin’s lack of effi­cien­cy and its inabil­i­ty to facil­i­tate exchange as a mode of pay­ment will be the rea­son for its downfall.



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