‘It’s game over fiat currency’ says El-Salvador President backing Bitcoin experiment in country

Thursday, December 23rd, El-Salvador President Nayib Bukele reiterated his belief in Bitcoin (BTC). He stated that once widespread adoption happens, it’s ‘game over for fiat.

The physical currencies, such as the Rupees and Pounds, are called “fiat”. Bukele claimed that Bitcoin legalization has sparked a revolution in his country.

Bukele took to Twitter to say that the “Bitcoin Experiment” has seen the world adopt cryptocurrency for good. He said that it is still to be seen how Bitcoin adoption will impact a country’s economic situation.

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The 40-year old often tweets about Bitcoin purchases by his government.

The International Monetary Fund (IMF), recently warned El Salvador against using Bitcoin as a legal currency, due to its high volatility and associated risks to financial stability and consumer protection.

El Salvador became the first country to accept Bitcoin as legal currency in September, after the cyber currency had been legalized around the globe. The government of El Salvador announced the decision and claimed that it will allow many El Salvadorans to have access to banking services for the first-time.

According to Nayib Bukule, the president of the organization, cryptocurrency trading will allow the country to save approximately $400 million annually in fees that banks and financial institutions levy on money sent home from ex-pats.

The government installed more than 200 Bitcoin teller machines to increase Bitcoin’s acceptance in the country. AFP reported that President Bukele offered $30 to each citizen who adopts Bitcoin.

According to a Reuters report, El Salvador had 1,120 bitcoins as of October 27. The country, which is the only country to recognize bitcoin as a legal currency, announced plans in November to raise $1 billion to finance a bitcoin bond.