El Salvador's president accused the world's leading media of lying

El Salvador's president accused the world's leading media of lying

Author: Robert Strickland

El Salvador's president accused the world's leading media of lying
Nayib Buquele said that virtually every international publication predicted a default for El Salvador because of the "bitcoin bet." When that didn't happen, news outlets chose to remain silent rather than cover the contrary

El Salvador's President Nayib Buquele accused the world's leading media outlets, such as The New York Times and The Washington Post, of lying. Buquele wrote on Twitter that last year almost every international news outlet reported that El Salvador was facing default by January 2023 because of its "bitcoin bet." However, when the default didn't happen, almost no media outlets covered it, Buchele noted.

"They lie and lie and lie, and when their lies are exposed, they go into silence mode," the president of El Salvador wrote.

Bitcoins have been docked several times, and in November 2022, Buquelet announced a decision to buy one bitcoin a day.

El Salvador currently owns more than 2,300 BTC ($52.9 million). At no purchase date value, the assets are valued at about $107 million, according to Bitcoin Treasuries. The minister cited a report showing a $40 million loss to the state from investments in VTCs, which was less than 0.5% of the country's total national budget.

The New York Times, The Washington Post, and El Pais criticized El Salvador's policies and spoke about the country's possible bankruptcy because of difficulties paying off an $800 million foreign debt last January, caused by losses from bitcoin investments. Buquelet cited some of that material but mentioned that there had been "literally, hundreds of articles" published on the subject last year.

The president noted that El Salvador had paid the full amount and interest, but almost all of the media had skirted the topic. Buquelet said he found only one article in the Colombian publication Semana that El Salvador had repaid the debt.

Bitcoin enthusiast Buquele actively promotes cryptocurrencies and offers various initiatives related to their implementation. Earlier this January, the country's Legislative Assembly supported a new bill on digital assets, which regulates the issuance of these bitcoin bonds.


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