Even after receiving criticism from the world’s leading financial organizations like the International Monetary Fund (IMF) and the World Bank, Nayib Bukele, the President of El Salvador, has remained a strong supporter of Bitcoin and other crypto-assets.
In his recent Tweet, Bukele criticized fiat money and praised his country’s decision to adopt Bitcoin as legal tender in the region. According to Bukele, the mass adoption of Bitcoin in El Salvador is changing the country’s economy.
The President of the Central American nation called BTC the ‘real revolution’ and expressed his confidence in the world’s most valuable digital currency. “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,” Bukele stated in a Tweet yesterday.
In addition to its efforts to increase the adoption of BTC in the region, El Salvador has expanded its Bitcoin portfolio substantially since September 2021. Earlier this week, the country added 21 BTC to its crypto portfolio.
Bitcoin Tops $51,000
On Friday, BTC topped the price level of $51,000 for the first time in nearly two weeks. The crypto asset has jumped by more than 6% in the last 24 hours and has added over $50 billion to its market cap. Overall, the market cap of digital currencies climbed by almost $100 billion on 24 December.
“With BTC back over $51k, the sentiment from traders has shifted back into positive range. As expected, $50k has become somewhat of a psychological support level, where traders become optimistic when above this threshold, & skeptical when below,” Santiment noted.
In addition to Bitcoin, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Shiba Inu (SHIB) and Terra (LUNA) also witnessed decent gains in the last 24 hours.
