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  • October 11, 2021

Vitalik Buterin, co-founder of Ethereum, criticises the way Bitcoin was adopted in El Salvador.

El Salvador became the first country to accept Bitcoin in September. El Salvador's approach, on the other hand, has drawn condemnation from Ethereum co-founder Vitalik Buterin. El Salvador's president, Nayib Bukele, is said to have pushed businesses to accept Bitcoin after the country made it legal tender.

Buterin has criticised this move, claiming that it is motivated by Bitcoin maximalist tendencies. Buterin vented his rage on a Reddit thread, where he made a comment in response to another user's post.

"Making it compulsory for businesses to accept a single cryptocurrency is contradictory to the freedom values that are supposed to be so vital to the crypto ecosystem," Buterin wrote.

President Bukele's dictatorial political activities were the subject of the user's complaint. "The goal behind the invention of cryptocurrency, decentralised finance, was to be not controlled by any single person, organisation, or entity," the original post stated. However, Mr. Bukele's actions in real-life politics are diametrically opposed to the principle of giving power to the people." His viewpoint was labelled as "unpopular."

"There's nothing unpopular about this opinion," Buterin said. "Additionally, this technique of simultaneously pushing BTC to millions of individuals in El Salvador with absolutely no attempt at prior education is dangerous, and risks a significant number of innocent people being hacked or conned," he added.

He also criticized Bitcoin maximalists for endorsing El Salvador's partiality towards the largest cryptocurrency by market capitalization. "Shame on everyone who is naively praising him (Bukele)," Buterin added. "All right, so, I'll name out the primary people responsible: shame on Bitcoin maximalists."

Ethereum is the second-largest cryptocurrency by market capitalization. Buterin is known for speaking out in favour of new advancements in the bitcoin network and business. He is rarely heard making political remarks. He made an exception this time, however, by commenting on a Reddit user's note about politics on the social media platform.

The cryptocurrency is a digital currency that is not governed by any government that is neither legal tender nor subject to market volatility. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other type of advice or recommendation of any sort offered or endorsed by.  We shall not be liable for any losses arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.