Buterin Slams El Salvador's Reckless Bitcoin Law Move

Ethereum co-founder Vitalik Buterin has spoken out against El Salvador's decision to make Bitcoin legal tender, calling it 'reckless' and contradicting the principles of freedom that underlie the cryptocurrency community.

The move, put in place by President Nayib Bukele on June 5, was intended to reduce remittance costs for millions of Salvadorans. However, data shows that most people do not want to receive remittances in Bitcoin due to price volatility and a lack of understanding about the cryptocurrency.

Buterin argued that making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom, which are supposed to be important to the crypto space. He also criticized Bitcoin maximalists for praising Bukele's decision without critically evaluating its implications.