Bitcoin advocate El Salvador President’s advice to America, stop printing more money

El Salvador’s President Nayib Bukele is a strong supporter of cryptocurrency. President Bukele has reacted to a recent report based on comments by US Federal Reserve (Fed) Chairman Jerome Powell. In his latest tweet, President Bukele has said that the Federal Reserve should stop printing excess money, as its efforts to fight rising inflation are not proving effective because of this. The President of El Salvador has requested that the Fed stop printing money for fear of “making things worse”.

On November 30, Bloomberg on the Federal Reserve chairman’s remarks before the Senate Banking Committee Report was given. It was said that both Democrats and Republicans were concerned about rising prices and inflation in the US. The term “transitory”, which defined extreme inflation, was also dropped by the central bank. The Fed Chair has also resolved to take all necessary steps to combat inflationary pressures.

Fed Chairman Powell has suggested raising interest rates or even ending the Fed’s bond-buying program.

After this, the President of El Salvador, Nayib Bukele, reacted on Twitter to the report released on the Federal Reserve’s outlook for the deteriorating economic and financial situation in America.

While President Bukele is commenting on the Federal Reserve’s approach, he also took advantage of the decline in bitcoin a week ago. On November 26, Bukele said that El Salvador had received 100 extra coins with a discount. It is worth noting that there has been a decline in the value of bitcoin in the past.

El Salvador currently has a total of 1220 bitcoins in possession after the latest purchase. Accordingly, this country has a net worth of $ 71.5 million (about Rs 536.08 crore). bitcoin Huh. President Bukele, who has been in the news for several reasons in the past few months, recently also revealed his plans to build a “Bitcoin City” at the base of the Conchagua volcano to speed up bitcoin mining.

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