• El Salvador President Nayib Bukele criticized biased legacy media outlets for predicting his nation’s debt default and financial doldrums due to the decline of Bitcoin price.
• Bukele pointed out that El Salvador has made the full payment of its $800 million bond without the help of the IMF.
• The President has been promoting Bitcoin as a solution to economic challenges and a way to attract investments to the Central American country.
El Salvador President, Nayib Bukele, took to his Twitter account on January 24, 2023 to criticize legacy media outlets for their biased disposition towards his nation’s efforts in meeting its financial obligations. This came after the country made the full payment of an $800 million bond, much to the surprise and shock of the same media outlets who had predicted difficulties earlier due to the crypto winter and the decline in Bitcoin price.
Bukele pointed out that it was not necessary for his government to seek the assistance of the International Monetary Fund (IMF) to make the payment, unlike what the media outlets had speculated. He also expressed his disappointment and indignation about the lack of coverage on the story.
El Salvador has been at the forefront of promoting Bitcoin, with Bukele claiming that it can solve economic challenges and attract investments to the Central American country. In 2021, it became the first country to make Bitcoin legal tender, with the government launching a Bitcoin education program to sensitize its citizens about the digital asset.
In addition, El Salvador has become the first country in the world to accept Bitcoin for tax payments. The country’s parliament also passed a bill that allows for the sale of real estate using Bitcoin, which will be the official currency of El Salvador.
Bukele’s efforts to promote Bitcoin have been praised by many in the crypto industry. He has been a vocal supporter of Bitcoin and its potential to revolutionize the global economy.
It is clear that Bukele is determined to make El Salvador a leader in the cryptocurrency space, and his recent rebuke of legacy media outlets is a testament to this. His efforts to make Bitcoin a viable alternative to traditional currencies have been lauded, and the world is watching to see how El Salvador’s experiment with cryptocurrency turns out.