It can be argued that El Salvador wants to become a completely sovereign nation. This is potentially why the country is looking to get rid of fiat and become so dependent on bitcoin. It wants to be completely independent and not have to rely on any other region.
El Salvador Wants to Be in Charge of Itself
Thus, it makes sense that Nayib Bukele – the president of El Salvador – doesn’t want a bunch of U.S. senators and politicians sticking their big noses into his bitcoin business. Senators Jim Risch, Bob Menendez and Bill Cassidy have proposed a new law that would potentially limit the bitcoin dealings of El Salvador granted they got in the way of U.S. interests.
Bukele is now fighting back, saying that these “boomers” know nothing of the world’s number one digital currency by market cap and that they need to keep out of his and El Salvador’s affairs. Responding to the senators’ inquiries, Bukele went to Twitter and posted an image of the flag of El Salvador, which was accompanied by the words “Land of the Free.” He also wrote:
OK boomers… You have zero jurisdiction on a sovereign and independent nation. We are not your colony, your back yard, or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.
The senators in question claim that El Salvador adopting bitcoin as legal tender poses risks for the United States and suggests a weakening state for Central America in general. Risch explained in an interview:
El Salvador’s adoption of bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America.
Cassidy also threw his two cents into the mix, commenting:
If the United States wishes to combat money laundering and preserve the role of the dollar as a reserve currency of the world, we must tackle this issue head on.
A Growing History with BTC
El Salvador has gotten quite a bit of attention over the past year for its recent decision to make bitcoin legal tender alongside USD, which is the fiat currency that the nation has long depended on. Now, anyone who wishes to use bitcoin to purchase goods and services may do so, and companies must accept the asset as they would fiat.
The decision has been met with criticism from some institutions such as the World Bank, which refused to help the Central American country implement its BTC agenda out of fear that bitcoin was too volatile, and thus couldn’t be taken seriously. In addition, the International Monetary Fund (IMF) has practically gotten on its knees and begged El Salvador to give up BTC for the same reason. At this, Bukele has only scoffed and taken to social media to dig his heels deeper into the blockchain.