El Salvador's President Nayib Bukele Asks US Federal Reserve to Stop Printing Money

The Chair of the Federal Reserve has admitted it is time to retire the 'transitory' label when discussing inflation.

El Salvador's President Nayib Bukele Asks US Federal Reserve to Stop Printing Money

Photo Credit: Facebook/ Nayib Bukele

El Salvador's President Nayib Bukele has weighed in on the matter of inflation in the US

  • Bukele said the Fed could risk making things worse
  • Bukele asked why the Fed can't kick its money-printing habit
  • El Salvador took advantage of the Bitcoin dip last week

El Salvador's crypto-enthusiast President Nayib Bukele weighed in on ballooning inflation in the US, reacting to a recent report detailing Federal Reserve (Fed) Chairman Jerome Powell's comments on the matter. Replying to a report regarding the issue in his latest tweet, President Bukele noted that the Federal Reserve should stop printing more money, as its efforts to battle the rapidly escalating inflation with more cash injection are proving counter-effective. The president of El Salvador requested that the Fed stop printing money out of fear of "making things worse."

Bloomberg reported on the Federal Reserve chair's remarks in front of the Senate Banking Committee on November 30. It went on to say that both Democrats and Republicans were concerned about rising prices and inflation. The term "transitory" was dropped by the Chair of the Central Bank to define excessive inflation, which is still a menacing problem in the US. He vowed that the Fed will employ every tool necessary to battle the inflation pressures, which he noted: "will linger well into next year."

Powell suggested the possibility of raising interest rates or even bringing the Fed's bond-buying program to an end.

The testimony prompted El Salvadorian President Nayib Bukele to take to Twitter and respond to the report on the Federal Reserve's approach to the country's deteriorating economic and financial situation.

While Bukele took a jab online at the Fed, the President was taking advantage of the Bitcoin dip just the week before. "El Salvador just bought the dip," said Bukele on November 26. "100 extra coins acquired with a discount."

The latest purchase brings the current total of Bitcoin in El Salvador's possession to BTC 1,220. At current prices, the value of that Bitcoin sits at $71.5 million (roughly Rs. 536.08 crore), but with inflation apparently set to continue devaluing the dollar against BTC in the longer term, the US may need to strap itself for a lot more trolling from crypto-forward voices like the President of El Salvador.

Bukele, who's made the headlines for a number of reasons over the past few months, recently revealed his plans of building a "Bitcoin City" at the base of the Conchagua volcano, in order to power Bitcoin mining with renewable energy.

Bukele's vision of rapidly regularising Bitcoin in El Salvador has, however, found itself at the receiving end of criticism and warnings at a time when several nations like India are mulling over the legitimacy and regulation of the crypto space.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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