El Salvador President Lashes Out on Mainstream Media Over Bitcoin Attacks
Author: Chayanika Deka Last Updated Dec 5, 2022 @ 15:16
Critics believe that Bukele’s Bitcoin strategy is failing.
El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Fast forward to this year, the crisis worsened in the already battered crypto industry. But President Nayib Bukele plans on doubling down further.
After pledging that the government would purchase one Bitcoin every day going forward, despite the meltdown, the Bukele administration sent a bill to El Salvador’s Congress to enable it to sell $1 billion in “volcano bonds” – government debt, denominated in USD and pay out 6.5% interest a year to bondholders – to purchase more of the crypto-asset and build the hyped “Bitcoin City.”
The dramatic collapse of FTX, a once-prominent crypto exchange founded by Sam Bankman-Fried, has provided endless fodder for the press and long-standing crypto critics alike. And while the negativity continues to dominate coverage of Bitcoin in the Central American country, the national cash crunch appears to be worrying.
Bukele Reacts to Critics
The latest reports suggest that the country is on the edge of a debt crisis. With Bitcoin dropping over 70% since September 2021, El Salvador’s $300 million “Bitcoin ‘Revolution” could be in danger. However, Bukele lashed out at mainstream media over double standards and went on to tweet,
“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.”
More:
https://cryptopotato.com/el-salvador-president-lashes-out-on-mainstream-media-over-bitcoin-attacks/
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