- El Salvador President Nayib Bukele announced yesterday that he intends to make Bitcoin a legal currency
- The news takes the value proposition of Bitcoin in an entirely new direction
- What did the world’s media and prominent Bitcoin bulls and bears make of the announcement?
The shock news that El Salvador President Nayib Bukele wants to adopt Bitcoin as legal tender has, understandably, resulted in headlines around the world. But what have the world’s media and prominent Bitcoin supporters and critics made of the landmark move to adopt the cryptocurrency? We look at some of the responses to the decision.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021
“It would be a unique and bold step, the first by a sovereign country, and that may well be part of the attraction for Mr Bukele, a young, media-savvy and very popular leader who worries Washington over his increasingly autocratic tendencies.”
“But the volatility of Bitcoin – currently priced at $36,127 – and its murky legal status has raised questions about whether it could ever replace fiat currency in day-to-day transactions.”
“The move also fueled concern that the U.S. will urge the International Monetary Fund to closely review a much-needed loan for El Salvador, potentially upending government finances.”
“Critics have said his embrace of bitcoin is a political stunt meant to burnish his reputation — especially online — and distract from international protest of his conduct.”
“Although central banks around the world have reacted to bitcoin with fascination, they have been hesitant to embrace cryptocurrencies because of their extreme volatility. Bitcoin, for example, crashed by more than half its value earlier this year after rocketing to a record high above $60,000. Other, more thinly traded cryptocurrencies are even more volatile, trading up and down like seesaws — often based on speculation or meme tweets from Tesla CEO Elon Musk.”
“This gesture, which was recently adopted by fellow crypto advocate Elon Musk, signifies his hope that the price of bitcoin will hit $100,000. It is currently trading at around $36,000 after falling from an all-time high above $64,000 in April.”
Bitcoin bugs have heralded the announcement that El Salvador, one of the poorest and smallest nations in the world intends to adopt #Bitcoin. Yet they have dismissed as insignificant the decision of China, one of the wealthiest and most productive nations in the world, to ban it.
— Peter Schiff (@PeterSchiff) June 5, 2021
BREAKING: The President of El Salvador just announced that he is making Bitcoin legal tender in his country.
This is the first country to take such a courageous step, but it won’t be the last.
— Pomp 🌪 (@APompliano) June 5, 2021
Today, the world changes for the better.
Today, humanity takes a leap forward in instilling human freedom, financial inclusivity, and so much more.
I’ll leave it at that for now.
— Jack Mallers (@jackmallers) June 5, 2021