Nayib Bukele, the president of El Salvador, managed to amass around 1,300 Bitcoins to the country’s reserve for backing up Bitcoin status as a legal tender in the country. The latest reports from the country have revealed that the popularity of the top coin among investors has started to wane. Media reports claim that for the current month, Bitcoin transaction volume dropped by 85% in the region.
On the other hand, the controversial cryptocurrency account on Twitter that goes by the pseudonym of Mr. CryptoWhale recently added more fuel to the fire. The account claimed that Bitcoin might be headed for a decommissioning from its legal tender status. The account also exclaimed that Bitcoin is an outdated network that has high transaction fees and low processing speed.
Chivo wallet is a digital wallet custodial service run and managed by the government of El Salvador. Recently around $100,000 worth of Bitcoin reserves were reported to have gone missing from the accounts of citizens. There are around 16 tweets generated by the holders of the affected Chivo wallet addresses.
In turn, the government of El Salvador has continued to remain silent on the matter and offered no explanations thus far. There are currently 3 million Chivo wallet users in the Central American country who are waiting for some positive feedback from President Bukele. Meanwhile, institutions like the World Bank and IMF have also questioned the decision of the country to raise Bitcoin to the legal tender status in the country.
President Bukele is Still Optimistic about Bitcoin Adoption Despite Receiving Backlash
Mr. Cryptowhale recently purported that a majority of the retail and business community in El Salvador are not in favor of the Bitcoin conversion. However, there is no documentation or data available to support his claims. Meanwhile, Bukele, who has continued to show optimism about the Bitcoin adoption for changing the economic condition of the country, recently tweeted.
Bukele added that international organizations had dubbed the country as a Bitcoin experiment. He claimed that it is time for the world to watch how Bitcoin adoption can transform the economic and fintech infrastructure of a country. He also claimed that Bitcoin is the end of the fiat currencies, and El Salvador is leading the crypto revolution.