The President of El Salvador, Neb Bekele, once again declared his love for Bitcoin to the public. In his tweet, Bekele boldly declared that the days of fiat money may soon be over and that Bitcoin is the “real revolution” the world is currently experiencing. Bekele also mentioned that El Salvador is leading the Bitcoin era.
Speaking on Twitter, the President of El Salvador said on Friday that the “Bitcoin experiment” enabled the world to adopt the cryptocurrency forever. He noted that it remains to be seen what impact the adoption of bitcoin could have on the country’s economy. He predicted that the days of fiat money, if everything goes well, could pass soon.
Focusing on fiat in general, Bukele raised questions about the future of physical currencies around the world. Because Bitcoin is fully digital and decentralized, it has the power to reach an adoption scale far beyond what we have seen with any other currency. All it has to do is be better than fiat for a country’s economy.
Of course, this is an exaggeration for most of us now. Not for Bukele, however, who made sure Bitcoin got its legal status in its home country. He sees it as a way to stimulate a healthy economy in El Salvador. More effectively, he sees it as a solution to the $ 400 million tax cuts that banks and financial institutions charge for remittances sent to El Salvador by foreigners.