President of El Salvador Reacted to Criticism of Bitcoin

The President of El Salvador took the criticism of Bitcoin harshly. El Salvador President Nayib Bukele reacted harshly to US economist Steve Hanke.

El Salvador has been on the agenda recently as it will accept Bitcoin as the official currency. The Central American country, El Salvador, seems ready to enact the Bitcoin law as of September 7. This bold move of the country was met with negative criticism by the IMF, World Bank and some other rating agencies. The last person to criticize the issue was John Hopkins University economist Steve Hanke. Hanke criticized El Salvador's President Nayib Bukele for continuing with his Bitcoin implementation plan and said the President was "playing with fire" that could burn El Salvador. Hanke said: "The State Department sanctioned 14 Salvadoran government officials, the World Bank and IMF issued warnings, and ELSL's bonds sank. But President Nayib Bukele ignored these red flags and is moving towards the crazy Bitcoin law. Bukele is playing with fire. El Salvador will burn." El Salvador's President Bukele responded to the economist's tweet, describing him as a "boomer".

El Salvador Is Unable To Avoid Criticism

The country's opposition party had previously filed a lawsuit to halt the implementation of the Bitcoin law, citing economic instability. Warnings from global financial regulators such as the IMF and WorldBank warned the country of the dire impact of Bitcoin's volatility on lenders and the financial market. However, President Bukele argued that the Bitcoin law is not bogus and is not just accepted in the international press. Bukele thinks that BTC could solve the banking crisis in El Salvador, where more than 70 percent of the population is unbanked.