Cryptocurrency

El Salvador President criticizes ‘legacy’ media outlets’ unfair coverage

In a January 23 Twitter thread, El Salvadoran President Nayib Bukele criticized the “legacy international press” for not reporting on the repayment of El Salvador’s $800 million sovereign debt.

Bukele said he had widely predicted that the South American country would default on its debts because of “bitcoin bets.”

He said some of these companies wrote that his country may need to enter into agreements with the International Monetary Fund to make bond payments due to Bitcoin losses. Bukele added:

“[They were] We created a story about El Salvador going bankrupt and defaulting on its debts. I called them out at the time, but of course who would believe us but all the international press and their ‘economic geniuses’?”

But following the state’s timely payment of $800 million in full, including interest, Bukele said: Said It’s that “almost no one covers the story.”

“[Legacy media outlets] Lies, lies, lies, and goes into silence mode when the lies are exposed. “

El Salvador’s bond debt repayment comes shortly after approval to sell $1 billion worth of BTC-backed bonds. The country plans to use the funds to buy more BTC and build a “Bitcoin City”.

Earlier, El Salvador was widely criticized by international financial institutions for its decision to adopt cryptocurrencies as legal tender in September 2021. predicted Due to BTC’s volatility, the country will struggle to pay off its debt.

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