El Salvador’s BTC roll-out criticized

Vitalik Buterin, the man behind Ethereum, has criticized El Salvador’s roll out of Bitcoin (BTC) and argued that President Nayib Bukele is forcing his people to accept the currency without understanding it.

Commenting on a post shared by a Redditor titled “Unpopular opinion:  El Salvador president Nayib Bukele Should Not Be Praised by Crypto Community”, Buterin agreed with the post’s sentiment.

“There is nothing unpopular about this opinion. Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space”, Buterin said.

The BTC roll-out in El Salvador to people who have no prior understanding of crypto is reckless, dangerous and could get many innocent people in financial trouble, Buterin said.

It was shameful, he continued, to have crypto enthusiasts support the El Salvador argument which did not originate from a societal embrace of crypto but was forced from above.

Shame on “Bitcoin maximalists”, Buterin said, describing the people who have been aggressively pushing for BTC in the mainstream. Vociferous locals have told media outlets that the roll-out is contrary to anything BTC stands for, whether this is decentralization or anonymity.

Buterin argued that Bukele was looking to elicit adoration from those same BTC maximalists and that he enjoyed being liked, much like “the rest of us”.

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Source

Updated: 10/11/2021 — 09:00