Značka: salvador

Turkish and Salvadoran presidents meet, Bitcoiners left disappointed

Bitcoin (BTC) took more than just a beating in the markets. The orange coin got the cold shoulder as Turkish President Recep Tayyip Erdoğan welcomed his Salvadoran peer Nayib Bukele in the capital of Turkey to talk about a number of topics. While Bitcoin failed to be a talking point, it did not stop the Twitter rumor mill from going into overdrive. As part of the state visit, Bukele and Erdoğan kicked off with an official ceremony. Shortly afterward, they inaugurated the new Salvadoran embassy before agreeing on six deals covering the economy, trade, defense, diplomacy and education.The deals seek to increase trade volume between the two countries to $500 million in five years. Trade volumes for 2020 and 2021 were $27 million and almost $50 million, respectively. Mainstream media outlets watched closely to see whether Bukele would attempt to orange-pill Erdoğan. However, there was no mention of Bitcoin or cryptocurrency during Thursday proceedings. That did not stop Twitter from speculating and deceiving audiences about the nature of the encounter. A coordinated news burst made by fake Twitter accounts imitating popular accounts Deltaone, Zerohedge and a Bukele parody account LaDictatore simultaneously announced that Turkey would announce Bitcoin as legal tender by February 2022.The announcement was false. LaDictatore’s account has since been suspended, but the screenshot of their announcement lives on:In the hours following the fake news, Bitcoin bulls regrouped to pump the price to within touching distance of $43,000 before falling off a cliff to $38,000 this morning.Related: El Salvador explores low-interest loans backed by BitcoinAs the Turkish lira continues to struggle, analysts expected Bukele to make the case for Bitcoin. Given that the Turkish ruling party recently held a meeting in the metaverse, the tide may be turning. And if any discussion did happen Thursday, it happened behind closed doors.

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President Bukele fires back at critics on ‘Bitcoin experiment’

On Thursday, Salvadoran President Nayib Bukele reaffirmed his belief for Bitcoin (BTC) supremacy on Twitter once again, this time stating that after widespread adoption occurs, “it’s game over for fiat.”The Salvadoran president has been a mainstay in news headlines due to his government’s regular BTC purchases and absolute pro-Bitcoin stance. He has made frequent statements and comments to support the original cryptocurrency while refusing to budge in the face of criticism that Bitcoin is a bad idea for the nation.Related: El Salvador buys a smokin’ hot 420 more BitcoinPresident Bukele’s recent tweet comes as the international community launches a barrage against El Salvador for its “Bitcoin experiment.”The International Monetary Fund criticized El Salvador’s move to adopt Bitcoin as legal tender in June, but the country nevertheless passed it and began accepting BTC as legal money in September. Andrew Bailey, governor of the Bank of England, is a known critic of Bitcoin. More recently, while speaking at the University of Cambridge Students’ Union, Bailey expressed his concerns over El Salvador’s decision to use Bitcoin as a currency due to its extreme volatility.What has been called by international organizations as “The #Bitcoin Experiment”, is nothing more than the world watching how mass adoption changes a country’s economy.If it’s for the good, it’s game over for FIAT.El Salvador is the spark that ignites the real revolution.— Nayib Bukele (@nayibbukele) December 23, 2021However, Bukele fired back at his critics, pointing out that while the rest of the world regarded El Salvador as a “Bitcoin experiment,” it was transforming its economy with Bitcoin mass adoption. Bukele also claimed that when fiat is no longer a factor compared to BTC’s dominance, El Salvador will be regarded as the spark that starts the real revolution.Since adopting Bitcoin as legal currency, El Salvador has used Bitcoin profits or the “surplus” from its Bitcoin Trust account to finance the construction of 20 schools. In mid-October, Bukele announced that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.Bukele’s latest riff comes as El Salvador recently bought 21 BTC on Tuesday to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited to 21 million BTC.

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