Speculations Rise in El-Salvador Regarding Bitcoin(BTC) Corruption

Speculations Rise in El-Salvador Regarding Bitcoin(BTC) Corruption

The recent Bitcoin (BTC) legal tender announcement creates immense controversies among the residents of El-Salvador. This still prevails ever since President Nayib Bukele announced the passing of a bill for the legalization of Bitcoin (BTC) as legal tender.

Speculations & Controversies

Bitcoin investor and enthusiast, Mario Valle put forward his views upon BTC as legal tender. He says he’s quite ecstatic upon the President’s announcement. He states it’s a complete welcome for the legal tender of BTC along next to the U.S dollar for El-Salvador. Moreover, he goes on further stating the U.S dollar is controlled by the government, whereas BTC, couldn’t. BTC is under the control of no one and it’s completely decentralized. 

El-Salvador’s present Secretary of Commerce, Miguel Kattán explained that BTC legal tender wouldnt replace the U.S dollar. It would only be integrated throughout the economy locally.

Braces from all over the world gushed throughout upon Bukele’s announcement. Braces from all over the world gushed throughout upon Bukele’s announcement. MicroStrategy CEO, Micheal Saylor tweeted in support of Bukele’s announcement. He states it’s an explicit idea overall. TRON(TRX) founder Justin Sun proclaimed he will be the first to set up an office in El-Salvador through his tweet.

“>MicroStrategy CEO, Micheal Saylor tweeted in support of Bukele’s announcement. He states it’s an explicit idea overall. TRON (TRX) founder Justin Sun proclaimed he will be the first to set up an office in El-Salvador through his tweet.

All the World enjoyed with enthusiasm upon the President’s announcement. Rather, that’s how we thought it was. But the truth turns out that not all of El-Salvador are happy with BTC legal tender. Coindesk interviewed 6 locals of El-Salvador upon their President’s announcement on Saturday.  All exclaimed that they don’t welcome Bukele’s idea of BTC legal tender. Adding on, they stated Bukele’s government is well known for corruption. Besides, they fear the BTC legal tender will only bring profits to Bukele’s government. BTC will only empower Bukele’s government more and their dominance throughout El-Salvador would be radical and dictatorial.

El-Salvador Corruption & Bitcoin(BTC) 

Bukele’s government has faced many allegations of corruption throughout its reign in power to date. Furthermore, ever since Nayib Bukele became the President of El-Salvador in 2019, corruption has ruled over El-Salvador. Moreover, the whole media was upon him when the covid-19 crisis took place. It is explained Bukele’s government made ample corruption, leaving no emergency funding for Covid-19. Besides, this created a huge ruckus throughout the country. Also, those government officials who stood against him were immediately sacked off from power. In the financial year 2020, between March 2020 and March 2021, El-Salvador’s international reserves declined 36.6%.  In 2019, El-Salvador’s national debt was about 71%. The central government debt rose about 15.9% in the first few months of 2021.

Amidst all the crises created by Bukele’s government, half of the El-Salvador depict Bukele’s idea would enhance the future of El-Salvador. On the contrary, the other half suggests corruption will prevail more than ever. They claim it’s completely illogical as many of the El-Salvadorians don’t use laptops and mobile phones. In such a situation how can BTC as legal tender help them? The answers for further truth regarding El-Salvador remains a mystery, yet to be known. Future for sure has an answer though.

Recommended for you

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.