President El Salvador: Printing money from central banks is a moral crime

President Nayib Bukele of El Salvador is known for being the first president who chose to adopt bitcoin (BTC) as legal tender for his country. In that regard, it is not surprising that Bukele is convinced that the future for the Western financial system is decentralized.

Federal Reserve steals money

In a interview with Tucker Carlson on Wednesday, Bukele criticizes both the Federal Reserve and the media’s response to its decision to adopt bitcoin as legal tender. Bukele believes the Federal Reserve’s power to print infinite money is a “moral crime.” By devaluing its own currency, the Federal Reserve “steals” from its own citizens, according to Bukele.

“It doesn’t make sense anymore to save money. If you had $50,000 saved in the 1980s, you would have lost 90 percent of your purchasing power today.”

Thus a clear Bukele. According to the president, the high inflation we see around the world is “waking people up” to the dangers of inflation and, therefore, saving in fiat money. He also predicts that people will increasingly look to alternative systems to escape them.

So far, even with the rate hikes, the Federal Reserve has not been able to get inflation under control. Before the last reading in September, it was still at 8.2 percent.

Embracing Bitcoin

Last year, El Salvador became the first country in the world to adopt bitcoin as legal tender. In conversation with Carlson, Bukele also indicates that the adoption of bitcoin by El Salvador will benefit the country in several areas.

He mentions, among other things, a doubling of the number of tourists, documentaries and private investments. El Salvador’s reputation as a country with a high crime rate has also improved greatly since the introduction of bitcoin.

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Not everyone is happy with the adoption of bitcoin by El Salvador. The World Bank, the Federal Reserve and the International Monetary Fund, among others, are vehemently against the adoption of bitcoin by El Salvador.

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