El Salvador became the first country in the world to adopt bitcoin (BTC) as legal tender in 2021. The big boys in the West are generally not happy about this and the criticism towards President Nayib Bukele and his country has not been tender. Now Bukele is done with that and the president of El Salvador is striking back.
Bukele is done with BTC criticism
In a article of November 4, 2022 Bloomberg, through Zeke Faux, suggested that El Salvador is in serious financial trouble as a result of investing more than $300 million in bitcoin. Bukele can no longer take the negativity and lashes out at the, according to him, double standards of the mainstream media.
This article is full of lies, which is standard for Bloomberg…
But what is most surprising is how the mainstream media suddenly cares so much about El Salvador.
Corrupt politicians plundered 37 billion dollars from our state coffers and they never wrote one single article. https://t.co/bAf3tfKxIV
— Nayib Bukele (@nayibbukele) December 4, 2022
“The article is full of lies, which is standard for Bloomberg… The biggest surprise is how the mainstream media suddenly cares about El Salvador. Corrupt politicians looted $37 billion from our treasury and no article has ever been written about it.”
Incidentally, Bloomberg is not the only institution that Bukele receives criticism from. The International Monetary Fund is also not happy with El Salvador’s choice for bitcoin. Furthermore, credit rating agency Moody’s is extremely skeptical about El Salvador’s ability to meet its debt obligations. A large part of the population is also critical.
El Salvador continues with bitcoin
However, Bukele ignores the criticism and continues with his plan to embrace bitcoin. To reinforce that strategy, the National Bitcoin Office was recently opened. This office is supposed to oversee all bitcoin projects in the country and make sure everything runs smoothly.
President Bukele previously announced that the country will now purchase 1 bitcoin per day. In addition, a bill has been sent to Congress that would allow $1 billion worth of volcano bonds to be sold. Bonds that have to pay 6.5 percent per annum in interest.
The goal of the funding round is to buy more bitcoin and build the so-called “Bitcoin City”. El Salvador is far from done with bitcoin, that much is clear.
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