El Salvador’s Bitcoin rollout, and particularly President Nayib Bukele, drew harsh criticism from Vitalik Buterin. “Shame on Bitcoin maximalists who blindly praise him (Bukele),” the Ethereum founder yelled.
“The crypto community should not appreciate President Mr. Nayib (sic) Bukele,” a Redditor on the r/cryptocurrency site remarked. Buterin said, “This point of view is not unpopular.” The crypto world’s essential values of openness and freedom are incompatible with forcing businesses to accept only one cryptocurrency.”
“Sending BTC to millions of people in El Salvador with little to no prior education is dangerous,” the research adds, “placing a considerable number of people at risk of being hacked or deceived.” Bitcoin Core developer Vitalik Buterin wrote in a blog post. “Everyone who blindly supports him (hint: Bitcoin maximalists) should be ashamed.”
Some of the cryptocurrency’s most prominent personalities have praised Bukele for making Bitcoin legal tender, while others have been less eager to acknowledge his authoritarian inclinations. In conversations with renowned Bitcoin advocates, the young president’s well-documented authoritarian tendencies, as well as the less acceptable parts of his government’s Bitcoin implementation, have been explored. “It pains my heart to see Bitcoin maximalists applauding this because, if they genuinely sat down and understood the legislation and rules, it is utterly opposed to everything they preach,” one Salvadoran business owner stated ( asked to remain anonymous).
There are valid concerns about the program’s top-down implementation in El Salvador. One of the most important characteristics of cryptocurrencies is that they are truly grassroots, with people wanting to participate. And Buterin isn’t the only crypto speaker who has criticized the absurdity of forcing businesses to embrace an open, decentralized system.
Buterin stated to a Reddit user, “It’s like he just enjoys being complimented by someone he perceives as powerful, both for political reasons and because he is a human being like the rest of us.” “You can easily persuade Bitcoin maximalists to appreciate you if you’re in a position of authority and do or say fantastic things about them and their coin,” he explained. Buterin wasn’t satisfied with that. “It’s like he bought it because he knew that a country adopting a crypto would drive the price high enough to make him rich,” Buterin said in response to a comment made by a Reddit user about Bitcoin’s value. “Elon did exact same thing,” the original poster commented to Buterin. “Now Bukele is manipulating community sentiments.”