El Salvador’s president responds to the Bank of England’s criticism of Bitcoin adoption

The Bank of England is not a supporter of bitcoin or 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 gave an answer.

BOE “Concerned” about El Salvador and Bitcoin

Ever since the small Central American nation outlined plans to use bitcoin as a legal tender in June 2021, a number of global financial organizations have been trying to warn the country against doing so. Aside from the IMF, the Bank of England, led by BTC critic Andrew Bailey, was the loudest.

The institution has since used almost every opportunity since then to double its belief that El Salvador should only use fiat money. The latest example came earlier this week, shortly after the country̵[ads1]7;s leader – President Nayib Bukele – announced plans to build a Bitcoin City.

As reported by Bloomberg, Bailey touched on the infamous volatility, as did most other bashers:

“I am concerned that a country would choose it as its national currency. What would worry me most of all is whether the people of El Salvador understand the nature and volatility of the currency they have. “

Bukele answers

Although it has only been 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 example, the nation has used the said volatility, especially when prices fall, to accumulate more parts of the asset and use the profits when the price increases to make plans to buy animal hospitals or new schools.

While addressing Bailey’s latest comments, President Bukele black in a somewhat ironic way, especially about the “real” concerns that the BOE has about the people of El Salvador:

“Bank of England is” concerned about El Salvador’s use of Bitcoin? Actually?

I suppose the Bank of England’s interest in the well – being of the people is genuine. Right?

I mean, they’ve always cared about our people. Always.

Must love the Bank of England. ”