President Nayib Bukele
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.
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.”
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.
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.”
