The president of El Salvador responds to criticism from the Bank of England
The institution has used nearly every opportunity since to double its belief that El Salvador should only use 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.
Bailey also spoke. of the infamous volatility, similar to what has been done by many other institutional actors of classical finance: “I am concerned that a country chooses it as its national currency. What worries me most of all is that the citizens of El Salvador understand the nature and volatility of the currency they have. ”
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Although it's only been a few months since El Salvador has legalized BTC, the experiment appears to be working well for the country, at least according to frequent updates published by President Bukele or people from his administration.
For example, the nation has used the aforementioned volatility, especially when the price goes down, to rack up more portions of the asset, and to use the profits as the price goes up to make plans to buy pet hospitals or new schools.
While addressing Bailey's most recent comments, President Bukele responded somewhat ironically, especially about the "genuine" concerns that the BOE has for the people of El Salvador.
