Beautiful Virgin Islands

Monday, Oct 27, 2025

Anti-Bitcoin Countries React To El Salvador's BTC Adoption

Anti-Bitcoin Countries React To El Salvador's BTC Adoption

A negative reaction to the “Bitcoin Law” passed by El Salvador and to its growing adoption was well to be expected. Mainstream media has been promoting news on BTC alleged negative environmental impact, its use for illicit activities, and others.

However, the Director of the Dutch Bureau for Economic Analysis, Pieter Hasekamp, might be the runner-up for the prize to the most anti-Bitcoin article of the week. His publication titled “The Netherlands Must Ban Bitcoin” it’s a critic of BTC and a defense of fiat currencies.

Thus, he calls the cryptocurrency a bad form of money due to its “unclear origin, uncertain valuation, shady trading practices”. He even goes on to say that cryptocurrencies are not used in regular payment transactions.

His argument is based on Gresham’s Law, elucidated in the XVI century, and used to measure the properties of good and bad money. This economic law has a fundamental principle: bad money drives out good.

Hasekamp believes that the argument in defense of Bitcoin is wrong. He argues the cryptocurrency has none of the three functions of money: unit of account, means of payment, and store of value. At the same time, he argued that fiat currencies “score well” in these properties and are a good store of value. He said:

“In recent decades, there has been hardly any currency devaluation. Although inflation is now cautiously rising, there are few people who believe that we are returning to the figures from the 60s and 70s.”

The government official argues that new form of electronic payments based on fiat currencies have improved their ease of use. His conclusion is that the current financial system works “quite well in practice”. In the future, he predicts central bank digital currencies (CBDCs) will improve it further. He adds:

“Cryptocurrencies are therefore unsuitable as a unit of account and means of payment outside the criminal circuit (…). Gresham’s law is replaced by Newton’s law: what goes up, must come down. The ultimate collapse of the crypto bubble is inevitable.”

The Dutch government official called for countries that opposed Bitcoin to take action. He claims that waiting longer could made the “imminent” crypto crash worst. Later, he compares cryptocurrencies with drug trafficking and explains that a full crypto ban will be more effective.

David Rosa, a Ledger developer, published a rebuttal via his Twitter account. He claims that Bitcoin must go through the properties of money in stages, first from a store of value to a unit of account. In addition, he emphasizes that BTC is an emerging asset. Therefore, many tried to use it to “get rich fast”.

Eventually, these investors have the opportunity to learn about Bitcoin’s unique properties: immutability, censorship resistance, scarcity, permissionless. Many of these characteristics made BTC an invaluable asset for people in developing countries, such as El Salvador, they have access to a global financial system and savings account far from the reach of central banks. Rosa said:

“It’s intellectually dishonest to blame #Bitcoin and crypto assets for the financial instability caused by a crash. The fiat system is marked by central banks keeping interest rates artificially low, causing a misallocation of capital which in turn leads to huge corrections.”

Ultimately, people turn to BTC because they stop trusting their national governments. This is the biggest crisis, at the moment, according to Rosa. In the world, it seems more frequent for central banks to serve their out interests than those of the people they claim to protect.

At the time of writing, BTC trades at $37,041 with sideways movement in lower timeframes. The first cryptocurrency by market cap needs a push from the bulls if it wants to break resistance at $38,000 and $40,000.

Source: Anti-Bitcoin Countries React To El Salvador's BTC Adoption – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
U.S. and China Near Deal to Avert Rare-Earth Export Controls Ahead of Trump-Xi Summit
Justin time: Justin Herbert Shields Madison Beer with Impressive Reflex at Lakers Game
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
Giuffre’s Memoir Alleges Maxwell Claimed Sexual Act with Clooney
House Republicans Move to Strip NYC Mayoral Front-Runner Zohran Mamdani of U.S. Citizenship
Record-High Spoiled Ballots Signal Voter Discontent in Ireland’s 2025 Presidential Election
Philippines’ Taal Volcano Erupts Overnight with 2.4 km Ash Plume
Albania’s Virtual AI 'Minister' Diella Set to 'Birth' Eighty-Three Digital Assistants for MPs
Tesla Unveils Vision for Optimus V3 as ‘Biggest Product of All Time’, Including Surgical Capabilities
Francis Ford Coppola Auctions Luxury Watches After Self-Financed Film Flop
Convicted Sex Offender Mistakenly Freed by UK Prison Service Arrested in London
United States and China Begin Constructive Trade Negotiations Ahead of Trump–Xi Summit
U.S. Treasury Sanctions Colombia’s President Gustavo Petro over Drug-Trafficking Allegations
Miss USA Crowns Nebraska’s Audrey Eckert Amid Leadership Overhaul
‘I Am Not Done’: Kamala Harris Signals Possible 2028 White House Run
NBA Faces Integrity Crisis After Mass Arrests in Gambling Scandal
Swift Heist at the Louvre Sees Eight French Crown Jewels Stolen in Under Seven Minutes
U.S. Halts Trade Talks with Canada After Ontario Ad Using Reagan Voice Triggers Diplomatic Fallout
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
China and Russia Deploy Seductive Espionage Networks to Infiltrate U.S. Tech Sector
Apple’s ‘iPhone Air’ Collapses After One Month — Another Major Misstep for the Tech Giant
Graham Potter Begins New Chapter as Sweden Head Coach on Short-Term Deal
Ecuadorian President Daniel Noboa Alleges Poison Plot via Chocolate and Jam
Lakestar to Halt External Fundraising as Investor in Revolut and Spotify
U.S. Innovation Ranking Under Scrutiny as China Leads Output Outputs but Ranks 10th
Three Men Arrested in London on Suspicion of Spying for Russia
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
×