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Salvadoran Independence Day | Bitcoin Law Protesters Take to the Streets, Shouting: "We Don't Want Bitcoin!"

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Salvadoran Independence Day | Bitcoin Law Protesters Take to the Streets, Shouting: "We Don

Bitcoin has been stable above five-digit US dollars for over 365 days. Just one week after El Salvador, the world's first "Bitcoin Nation," implemented the Bitcoin Law, protests against President Nayib Bukele have intensified. On the country's Independence Day, thousands took to the streets of the capital to protest the Bitcoin Law.

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Just as Bitcoin has stabilized above five figures in US dollars for over 365 days, following the first week of El Salvador implementing the Bitcoin Law as the world's first "Bitcoin nation," protests against President Nayib Bukele have intensified. Thousands took to the streets of the capital on El Salvador's Independence Day to protest the Bitcoin Law.

Protesters in the Salvadoran capital set fire to Bitcoin ATMs. Some carried signs with messages like "We don't want Bitcoin" and "Against dictatorship."

Nayib Bukele remains undaunted, not only strongly condemning the citizens causing destruction on Twitter but also launching a fierce attack on the media. He wrote: "They say that intentional destruction is done by 'infiltrators,' but they have engaged in destructive behavior in all their actions. Also, why no cries of 'stop' or 'don't do that'? All that can be heard is applause, cheers, and the media."

According to local media reports, today's protest activities were the most intense, with tens of thousands of people taking to the streets. Protesters not only opposed the Bitcoin Law but also protested against the president, with some believing that Nayib Bukele has weakened the country's judicial power and expanded his own authority.

Nayib Bukele has received favorable approval ratings in the past for improving overall security in the country, but recently, he has faced criticism for being perceived as authoritarian.

In order to smoothly implement the Bitcoin Law, Nayib Bukele not only encourages the use of the government's official crypto wallet, Chivo, but has also installed Bitcoin ATMs domestically. Despite encountering technical issues after Chivo's launch, Nayib Bukele has shown sincerity and is working to address the problems.

However, Nayib Bukele's policies have not only been unpopular with domestic protesters but have also been viewed negatively internationally, with institutions such as JPMorgan Chase, the United States, and the World Bank criticizing El Salvador's Bitcoin Law.

This article is authorized and reposted from Horizon Next Sumari News Network