• El Salvador’s Vice President anticipates that other countries will adopt Bitcoin

  • During a meeting with Pascal Drouhaud, vice president of the LATFRAN association, El Salvador’s Vice President Félix Ulloa recently predicted that other countries will follow the tropical nation’s Bitcoin adoption model.

    Because of its audacious bet on Bitcoin, Ulloa expects poverty-stricken El Salvador to become an economic and financial hub.

    Furthermore, he claims that Bitcoin will benefit an estimated 1.17 million Salvadoran immigrants living in the United States.

    Adoption is happening quickly.

    According to Ulloa, the number of people in El Salvador who have a Bitcoin wallet is now twice as large as the number of people who have a bank account.

    This, according to the politician, demonstrates Salvadorans’ confidence in Bitcoin.

    The adoption of Bitcoin in El Salvador was met with a slew of protests, but the opposition fell short of preventing the law from going into effect in early September.

    The majority of the criticism directed at the Bitcoin bill has been directed at Article 7, which requires businesses to accept the largest cryptocurrency.

    El Salvador’s Bitcoin experiment, according to U.Today, was “reckless,” according to Ethereum co-founder Vitalik Buterin.

    Hanke vs. Bukele

    Following Bitcoin’s surge to $60,000, El Salvador President Nayib Bukele slammed anti-Bitcoin economist Steve Hanke.

    You were saying? https://t.co/NkW4tPt1vv— Nayib Bukele 🇸🇻 (@nayibbukele) October 15, 2021

    Hanke refused to back down from its previous remarks, claiming that the tropical nation will face “financial ruin.”

    El Salvador’s bonds fell last month as investors worried that Bitcoin adoption would jeopardize the country’s talks with the International Monetary Fund.

    The IMF has expressed serious reservations about the country’s decision to use a decentralized and volatile cryptocurrency as its official currency.

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