One week before El Salvador adopted Bitcoin as legal currency, small groups of protestors took to the streets. Business Insider reports that protests against President Nayib Bukele and the Bitcoin law are increasing in frequency ahead of its implementation on September 7th.
Protesters object to Bitcoin adoption for a variety of reasons. These include political opposition to President Bukele, concerns about volatility in U.S. dollars, and misunderstandings about the new law.
This law is revolutionary and could end the US’s endless money printing. Bitcoin will provide El Salvadorans with another way to transact and store their wealth. But, perhaps most importantly, it will allow them to send and receive money without any commissions.
Business Insider reported that local media sources in San Salvador said that protestors believed Bitcoin would pose a serious threat for El Salvador’s economy. One argument is that the El Salvadoran Government cannot control the United States’ debasing of their dollars, on which they are completely dependent, so they won’t have the ability to control a Bitcoin-based economy.
It is important to note that Bitcoin is not a currency that can be controlled by the government, despite the fact that people are constantly mishandling their money and stealing their time.
When you compare Bitcoin to an asset such as the U.S. Dollar, which is constantly inflating, the often-cited argument that Bitcoin can be volatile is not valid. Bitcoin has a limit on its supply.
Another argument against Bitcoin adoption is that it encourages corruption through money laundering and hidden transactions. However, this is completely untrue to the nature of Bitcoin. Every transaction on the Bitcoin ledger can be viewed publicly and tracked at all times. This is in contrast to U.S. dollars.
Although there are very few arguments against Bitcoin adoption in El Salvador, it is still to be seen what happens. In the weeks that follow September 7, El Salvador’s Bitcoin experiment, the financial world will be closely following. Protesters will still have the option to use Bitcoin in any way they choose.