El Salvador May Be Pushing For Retail Transactions In Bitcoin But Michael Saylor Doesn't See It As A Good Idea

El Salvador has been pushing businesses in the country to accept Bitcoin BTC/USD as it became the world’s first nation to adopt the apex cryptocurrency as legal tender earlier this year, but one apex coin bull thinks that this sort of approach may not be ideal.

What Happened: MicroStrategy Incorporated MSTR CEO Michael Saylor said in an interview with CoinDesk Wednesday that Bitcoin is an asset rather than a currency.

“You don’t want to pay for your coffee with your bitcoin, you want to pay for your coffee with a currency,” said Saylor.

Bitcoin, as per the CEO, is a reserve asset he thinks this may also be a better way to see the coin from a regulatory perspective.

“All of these regulations … they’re really regulations restraining your use of a digital asset as a currency rather than as a property,” as per Saylor, reported CoinDesk.

Last week, Saylor’s company MicroStrategy acquired $414 million worth of Bitcoin taking its total holdings to $3.57 billion. 

Why It Matters: Saylor, a laser-eyed Bitcoin bull, has taken a diametrically opposite view to that of President Nayib Bukele of El Salvador. The leader has been a vocal cheerleader for the apex coin since it became legal tender.

It is possible to walk into a cafe run by Starbucks Corporation SBUX in El Salvador and purchase coffee with Bitcoin or grab a burger at McDonald’s Corp MCD restaurant in its capital San Salvador.

There is significant opposition within El Salvador against the adoption of Bitcoin. The country has also been criticized by central banks and the International Monetary Fund for its Bitcoin adoption; criticism that Bukele has brushed aside through Twitter.

Bank of England is “worried” about El Salvador’s adoption of #Bitcoin?

Really?

I guess Bank of England’s interest in the well-being of our people is genuine.

Right?

I mean, they have always cared about our people. Always.

Gotta love Bank of England https://t.co/qsQNdw8h7L

— Nayib Bukele  (@nayibbukele) November 27, 2021

Bukele’s moves have also irked Vitalik Buterin, the co-creator of Ethereum ETH/USD, who labeled BTC adoption in El Salvador as “reckless,” as per an earlier report.

"Shame on everyone (ok, fine, I'll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising [Bukele],” said Buterin.

Despite the controversy, the Salvadoran leader continues to use the country’s treasury to stock up on Bitcoin, with the latest purchase made last week.

Price Action: At press time, BTC traded 0.5% higher over 24 hours at $56,881.10. On Thursday, MicroStrategy shares closed 3.13% lower at $683.36.

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