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El Salvador President Hits Back at Bloomberg Over Its Criticism

El Salvador's President Nayib Bukele hit out again at Bloomberg through Twitter over a story on the country's experimentation with bitcoin.

Photo by Esaú González / Unsplash

The President of El Salvador, Nayib Bukele, stated that a Bloomberg story on the country's experiment with bitcoin was "full of lies." It would appear that most of the crypto community is on his side.

El Salvador's President Nayib Bukele hit out again at Bloomberg through Twitter over a story on the country's experimentation with bitcoin. The report was about the country's attempt to establish its digital currency.

Bukele stated in a tweet he sent out on the 5th of December that the Bloomberg piece was "full of lies" and that it suggested that the media was only interested in certain problems. The essay effectively criticized El Salvador's decision to recognize bitcoin as a kind of legal money.

According to the study released by Bloomberg (1) the previous month, Bukele's Bitcoin revolution was "falling terribly." It discusses the circumstances that led Bukele to become interested in enacting the Bitcoin law.

Additionally, it offers an unpleasant picture of the country's conditions, contrasted with the excitement surrounding cryptocurrency. The reporter also spoke with residents who had a negative attitude toward cryptocurrency.

The report, taken as a whole, contains several critical insinuations of the country and how it is governed. Nevertheless, it is mentioned that Bukele's favorability rating is somewhere around 90%. The nation's residents appear to credit him for being responsible for the crackdown on gang violence.

Over the past few weeks, El Salvador has been featured in the media for several reasons. Despite the country's deteriorating economic situation, authorities are cracking down on violent gangs and conducting arrests on a massive scale.

Overall, the study gives the impression that the Bitcoin experiment was not beneficial. The Herberts, who have spoken to Bukele, have referred to the Bloomberg article as propaganda. Stacy Herbert has done so together with her husband, Max Keiser.

El Salvador Committed to Bitcoin

El Salvador continues to move forward with its use of Bitcoin despite the growing amount of criticism that has been leveled against the country's Bitcoin experiment. The fact that the country has introduced a digital securities bill with a primary focus on cryptocurrency is the most significant of these developments.

The National Digital Assets Commission, an organization that'd supervise the regulation of crypto firms, will be established due to the passage of this measure. Because Bukele's party holds the majority of seats in the legislature, the bill will likely be approved.

El Salvador is currently negotiating an economic pact with China, which has the potential to bring some assistance to the country's economy. China already has made some donations, but there is a fear that doing business with them will require El Salvador to give up some of its sovereignty.

In the meantime, Bukele has stated that the nation intends to purchase one bitcoin per day. According to certain reports, the nation controls close to 2,400 BTC.

There have been other reports that have captured the attention of the cryptocurrency world, and the Bukele report is only one of them. The New York Times article about Sam Bankman-Fried and the FTX bankruptcy received a great deal of backlash from readers.

The reports were referred to as "puff pieces" since they painted Bankman-Fried and FTX's operations in a positive light. According to cryptocurrency community members, the reports portrayed Bankman-Fried as a generous character.