- President Nayib Bukele frequently uses Twitter to express his views on bitcoin as well as political issues with the United States.
- President Nayib Bukele has referred to three US senators as “boomers” for introducing legislation to assess the impact of El Salvador’s Bitcoin Law.
Bukele, whose country possesses approximately 1801 bitcoin, told senators that they had no jurisdiction over an independent nation.
El Salvador’s president told US senators on Wednesday to stay out of his country’s “internal affairs” after they introduced draught legislation to assess the economic harm caused by the country’s adoption of bitcoin.
Senators Jim Risch, Bill Cassidy, and Bob Mendez introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act on Wednesday, which, if passed, would require a State Department assessment of El Salvador’s legal tender adoption of bitcoin.
The bill specifically seeks to determine how El Salvador’s Bitcoin Law came to be, the financial effects on both the El Salvadoran and US economies, and the potential for crypto to circumvent US sanctions, among other things.
In addition, the bill seeks a strategy to “mitigate potential risks to the US financial system.”
“El Salvador’s recognition of Bitcoin as official currency facilitates money laundering cartels and undermines US interests,” Cassidy said in a statement on Wednesday. “If the United States is to combat money laundering and maintain the dollar’s role as the world’s reserve currency, we must address this issue head on.”
In response, President Nayib Bukele referred to the senators as “boomers” and stated that they had no authority over a “sovereign and independent nation.”
“We are not your colony, backyard, or front yard.” Keep your hands off our internal affairs. “Don’t try to control something you don’t have control over,” Bukele said on Twitter.
“Boomers” is a slang term commonly used by teenagers and young adults to mock the attitudes of the baby boomer generation those born in the two decades following World War II.
El Salvador became the world’s first country to formally accept bitcoin as legal tender alongside its national currency and the US dollar last year. Last month, the International Monetary Fund urged El Salvador to revoke bitcoin’s legal tender status, citing risks to global financial stability and consumer protections.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.