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Ethereum Co-Founder Vitalik Buterin Criticizes the Way Bitcoin Adoption in El Salvador

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El Salvador officially adopted bitcoin in September. However, the move from El Salvador has drawn some criticism from Ethereum co-founder Vitalik Buterin. El Salvador President Nayib Bukele has reportedly forced companies to accept bitcoin after adopting the cryptocurrency as legal tender. The move has been criticized by Buterin as it appears to be driven by bitcoin’s maximal trend. Buterin expressed his anger in a Reddit discussion, where he shared his comment in response to a post by another user.

Buterin wrote, “Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are considered so important to the crypto space.”

The user complained about the dictatorial political activities of President Bukele. The original post read, “The idea behind the creation of cryptocurrency, decentralized finance, was not to be controlled by any one individual, a group or entity. But what Mr. Bukele is doing in real-life politics is to create power for the people. Quite the opposite of thought.” The user called his view an “unpopular opinion”.

Buterin showed his support, saying “there is nothing unpopular about this opinion.” He further added, “Additionally, this strategy of making BTC to millions of people in El Salvador at the same time with almost no effort to prior education is reckless, and risks hacking or scamming large numbers of innocent people. “

He also criticized bitcoin maximalists for their support in favor of the largest cryptocurrency by market capitalization of El Salvador. Buterin wrote, “Shame on everyone (okay, okay, I will hold the main ones responsible: Shame on the bitcoin maximalists) who are praising him (Bukele).”

Ethereum is the second largest cryptocurrency in terms of market cap. Generally, Buterin comes out in support of developments in the cryptocurrency network and industry. He is rarely heard commenting on political issues. However, he made an exception this time by commenting on a Reddit user’s note that was classified under politics on the social media platform.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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