After making it the official currency of El Salvador, Bitcoin again became the subject of mainstream media attention. The cryptocurrency community in social media is experiencing a kind of euphoria and some economists do not leave a dry thread on this decision.

Steve Hanke, a professor at Johns Hopkins University, warns that Bitcoin could completely collapse the economy of El Salvador, which recently adopted BTC as its official currency of payment.

Hanke is a famous economist who was an adviser to Ronald Reagan from 1981 to 1982. He also previously described Bitcoin as a very speculative asset with a fundamental value of zero. He is also the author of a very interesting tweet, which in April this year. has been criticized by the cryptocurrency community: “cryptocurrencies are the money of the future. Bitcoin, however, is not "

In a recent interview with Kitco News, the professor rightly states that holders of large amounts of BTC, mainly from Russia and China, can completely drain dollars from El Salvador. The economy of this country is mainly based on the US dollar and the daily transactions of citizens are for cash.

JPMorgan has a very similar vein, issuing a statement on June 11, clearly stating that it is very difficult to see any tangible economic benefits for El Salvador due to the adoption of Bitcoin as an official tender.

Professor Hanke also speculates that the decisions taken by the Salvadoran authorities may be the result of pressure or some large lobby by some "interest group" to siphon dollars out of the country. This scenario warmed up the discussion on social media the most.

Meanwhile, on the other side of the barricade stood the Central American Bank for Economic Integration (CABEI), which states that the solution adopted by El Salvador is very innovative and thus creates “a lot of space and opportunities”. The international bank also pledged to help by offering to organize a special advisory group to support El Salvador in switching to BTC.

The economist also described cross-border Bitcoin transfers as "nonsensical" as he believes the assets will have to be converted immediately into dollars in order to be able to use them.

But is so much bad opinion from people who have never used bitcoin really reliable? I will find out in the future, so far El Salvador is a country that has acted boldly.