'Boomers ... We Are Not Your Colony': El Salvador President Chides US Lawmakers

El Salvador's President Nayib Bukele chastised three U.S. senators Wednesday for sponsoring legislation aimed at preventing the Latin American country from adopting Bitcoin as a legal tender. He used the word "boomers" to describe the lawmakers.

President Nayib Bukele tweeted, “OK boomers… You have 0 jurisdiction on a sovereign and independent nation.”

"We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control."

The tweet came in reaction to the proposed legislation, called the Accountability for Cryptocurrency in El Salvador (ACES) Act, introduced by Senate Foreign Relations Committee Chairman Bob Menendez, D-N.J., Sens. James Risch, R-Idaho, and Bill Cassidy R-La.

Risch said, "El Salvador’s adoption of Bitcoin as legal tender raises significant concerns about the economic stability and financial integrity of a vulnerable U.S. trading partner in Central America."

The measure would require the State Department to conduct an analysis of the risks associated with Bitcoin being used as legal tender in El Salvador and recommend a strategy for mitigating risk to the U.S. financial system.

El Salvador became the first country in the world to adopt Bitcoin as legal tender in June 2021.

President Bukele responded by using the phrase "OK boomers," which is often used by young people to dismiss or mock people from the older generation on the internet for their lack of understanding of contemporary developments. He further tweeted that “We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don’t try to control something you can’t control.”

As per reports, cryptocurrency has seen wild acceptance among the young generation than the older generation. A study by Stilt says that 94% of cryptocurrencies are owned by Gen Z and Millenials (18-40 years) and only 1.22% of all the crypto assets are owned by Boomers.

Moreover, many seasoned investors like Charlie Munger and Warren Buffet have expressed their skepticism toward cryptocurrencies. Politicians from the UK, India and central banks across the world have expressed their concerns over young people's involvement in crypto-assets. But the younger generation across the globe has emb=braced the high risk-high returns asset class, defying all advice to be cautious.

In January, the International Monetary Fund also condemned El Salvador's attempt to declare Bitcoin legal tender.