The crypto community, of course, is happy that countries such as El Salvador are already ready to accept bitcoin at the state level, as this contributes to even greater acceptance of bitcoin, its popularity, and, consequently, an increase in price in the future. For bitcoin investors, this is a happy event, but the residents of El Salvador do not really like it and they came out to protest against the new law.
https://decrypt.co/76576/el-salvador-bitcoin-law-citizens-protesting... group of Salvadorans composed of leftist unions, student associations, and others gathered at the Legislative Assembly yesterday to protest the country's adoption of Bitcoin as its national currency.
The group, organized by the "Block of Resistance and Popular Rebellion," used banners and slogans to demand that the so-called Bitcoin Law, which makes BTC legal tender and obligates businesses to accept it, be revoked.
It turns out that 77% of Salvadorans consider the new law on accepting bitcoin as a means of payment an extremely bad idea.
https://decrypt.co/75613/77-el-salvador-residents-believe-bukele-bitcoin-law-not-wise-move"It is a law that generates legal insecurity and that could be used to defraud users and also facilitate money and asset laundering," said activist Idalia Zuñiga.
It is clear that bitcoin is very volatile and manipulative. For many segments of the population, the next bitcoin dump can turn into a crash. Because in the long term, you can wait out the fall in prices, but not in the short term. And they will have to convert it at a loss.
Another protestor expressed her concerns about Bitcoin's price volatility. “For those earning a minimum wage, in one moment you may have $300 in Bitcoin and the next day those $300 can turn into $50," she said, before pointing to BTC's price plunge from a high of $63,595 in April to half
that today.
But this part of the article once again confirms the rumors that the adoption of bitcoin in countries such as El Salvador, Panama is a planned step for market manipulation. Too quickly, such a serious step as the adoption of a new means of payment was considered at the government level.
Protestors can also rightfully grumble over how the law came into being as it's a reminder of President Nayib Bukele's control over all branches of the Salvadoran government. Despite the fact that a bill must normally go through a strenuous process of study, consultation, and adaptation, the Bitcoin Law was approved in less than six hours from the time Bukele officially presented it to Congress.
Although it has already been approved, the Bitcoin Law stipulates a period of 90 days to become effective, meaning Salvadorans will be obligated to accept Bitcoin come September.
The opposition has always a say in everything most especially in a democratic country. They have all the right to voice their opinion anyways. However, I just don't understand the need to protest against the new policy since I think it is just optional for the El Salvadorians to use bitcoin as an alternative mode of payment. They can always use the other available modes of payment if they want to. Why bother to protest when you can opt to ignore the newly implemented law because you are not interested? I think the law about bitcoin adoption as legal tender in El Salvador is not really mandatory, meaning they are still responsible for what kind of tender they would use to pay. If they are so worried about bitcoin's volatility which I totally understand, then they can just not apply for it. The volatility of cryptocurrency is indeed a big factor to consider, but I guess their officials have thought of that too already. It's a risky move, but it can benefit their economy after all.
