El Salvador is the first nation in the world to recognize bitcoin as legal tender. The country is now forcing businesses to accept this crypto as payment. The move sparked widespread anger among citizens and businesses. The founder of Ethereum, Vitalik Buterin, is not on the sidelines of the protest.
El Salvador does not respect the fundamentals of bitcoin
As for the co-founder of Ethereum, many Bitcoin users forget that Bukele’s government is not very democratic. According to him, it is an administration that does not have great potential in terms of respect for freedoms. He also criticizes members of the Bitcoin community who support the President of El Salvador, Nayib Bukele.
In fact, some of the most influential people in bitcoin have proposed a Salvadoran bitcoin law. It is a law that was first published at the Miami Bitcoin conference in June 2021. However, many cryptocurrencies are criticizing the Bukele government for its known authoritarian tendencies. They regret the forced nature of accepting Bitcoin.
An opportunistic decision
The introduction of the Salvadorian law on bitcoin appeared with the recent bullish trend on cryptocurrencies. Simply put, it was when the price of bitcoin managed to scrape a high above $69,000 in November. Unfortunately, the cryptocurrency market is collapsing today. As a result, bitcoin is down more than 76%.
For Buterin, the plan for Bitcoin adoption in El Salvador is based on the assumption that prices will continue to rise. However, as the value of bitcoin is falling, it is just ugly and not many people use it.
Basically, according to Buterin, bitcoin adoption, which was very high, was ultimately not particularly sustainable. On the other hand, the Bukele government still has the will to accept bitcoin. Despite the drop in price, he claimed last week that El Salvador would start buying one bitcoin a day.
However, Vitalik Buterin believes that pushing businesses to accept bitcoin as a means of payment goes against democratic fundamentals. However the ideals of freedom are the foundation of the crypto world.
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The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.