CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,588.00
  • ethereum
    ETH$1,617.74
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » El Salvador’s President Responds to Bank of England’s Bitcoin Adoption Criticism

    El Salvador’s President Responds to Bank of England’s Bitcoin Adoption Criticism

    Author: Jordan Lyanchev

    Last Updated Nov 28, 2021 @ 16:25

    President Nayib Bukele has some trust issues with the Bank of England and its “concerns” about the country’s BTC adoption.

    The Bank of England is not a fan of bitcoin nor its growing adoption in countries like El Salvador. The Governor – Andrew Bailey – has repeatedly expressed his “concerns,” but this time, El Salvador’s President Nayib Bukele issued a response.

    BOE “Concerned” About El Salvador and Bitcoin

    Ever since the small Central American nation outlined plans to adopt bitcoin as legal tender in June 2021, numerous global financial organizations have tried to warn the country not to do it. Apart from the IMF, the Bank of England, spearheaded by BTC critic Andrew Bailey, was the most vocal one.

    The institution has used almost every opportunity since then to double down on its belief that El Salvador should use only fiat money. The latest such example came earlier this week, shortly after the country’s leader – President Nayib Bukele – announced plans to build a Bitcoin City.

    As reported by Bloomberg, Bailey touched upon the infamous volatility, similarly to most other bashers:

    “It concerns me that a country would choose it as its national currency. What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”

    AndrewBailey
    Andrew Bailey. Source: Bloomberg

    Bukele Responds

    Although it has been just a few months since El Salvador legalized BTC, the experiment seems to be working just fine for the country, at least according to the frequent updates published by President Bukele or people from his administration.

    ADVERTISEMENT

    For instance, the nation has used the aforementioned volatility, especially when the price dips, to accumulate more portions of the asset and to use the profits when the price increases to make plans for buying pet hospitals or new schools.

    While addressing Bailey’s most recent comments, President Bukele responded in a somewhat ironic fashion, especially about the “genuine” concerns that the BOE has for the people of El Salvador:

    “Bank of England is “worried about El Salvador’s adoption of Bitcoin? Really?

    I guess Bank of England’s interest in the well-being of our people is genuine. Right?

    I mean, they have always cared about our people. Always.

    Gotta love Bank of England.”

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • nayib bukele
      Bought The Dip: El Salvador Purchased Another 150 BTC as Bitcoin Dipped to $45K
    • NayibBukele
      El Salvador Buys The Dip, Adds 100 More Bitcoin To Existing Stash
    • BitcoinElSalvador
      Ahead of the Bitcoin Law: El Salvador Votes in Favor of $150M BTC Trust
    Tags: Bank of England Bitcoin El Salvador
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$23,588.00
  • ethereum
    ETH$1,617.74
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!