Following some critic comments by US economist Steve Hanke, the El Salvador president has defended his proposed Bitcoin city.
The economist warned that the plan is an attention-grabbing antic from a narcissistic president.
The crypto community’s favourite president has come under heavy criticism from US economist Steve Hanke. The economist who has long been a Bitcoin critic has over the last few months condemned El Salvador following the president public support for Bitcoin and subsequent Bitcoin adoption in the country. In recent comments, the 79-year old professor of applied economics at Johns Hopkins University questioned the country’s bonds plan confirmed by the president last year. Bukele announced plans to issue $1 billion worth of Bitcoin denominated bonds. As it is, its dollar-denominated bonds have been falling after a couple of economic turbulence.
Hanke wrote on Twitter;
@nayibbukele’s proposed Bitcoin City is as prepared as Florida is for snow. The advertised power
