El Salvador President Nayib Bukele has slammed the “mainstream media” over their attacks on the country’s move to adopt bitcoin as legal tender.
The statement came in response to a recent tweet by Bloomberg, which claimed that Bukele’s move to promote bitcoin as “the solution to the country’s economic problems” had failed miserably.
Bloomberg’s official Twitter account linked to an article published on November 4 saying, “El Salvador’s bombastic president promotes bitcoin as solution to country’s economic woes. One year in, it’s clear his “revolution” “is failing.”
“This article is full of lies, which is standard for Bloomberg,” Bukele responded. “But what’s most surprising is how the mainstream media suddenly cares so much about El Salvador. Corrupt politicians looted $37 billion from our state coffers and they never wrote a single article.”
In fact, some in the crypto community have pointed out that Bloomberg has been reposting the same tweets criticizing El Salvador and Nayib Bukele for the past few weeks.
“It is okay to write negative opinions, but this repetition is pure propaganda,” said Neil Jacobs, host of the Bitcoin News Show. “I’m not buying that the folks at Bloomberg, one of the largest publications in the world, have some poor social media department who mistakenly repost this using the app SocialFlow.”
Alex Gladstein, a crypto enthusiast and author of an essay in Bitcoin Magazine, claimed that other mainstream media do the same with articles criticizing bitcoin and cryptocurrencies. “The NYT does this with most of its bitcoin climate stories,” he Told,
How El Salvador’s Bitcoin Investment Is Paying Off?
el salvador became The first country in the world to adopt bitcoin as legal tender in June 2021. As a result, the country began investing millions directly in bitcoin by acquiring and holding the major cryptocurrency.
However, since the country bought BTC when the coin was near all-time highs, its holdings have lost more than half of their value over the past few months. According to public records, there are currently 2,381 BTC purchased in El Salvador at an average purchase price of $43,357.
Bitcoin is currently trading around the $17,000 mark, with El Salvador’s BTC holdings valued at around $40 million. El Salvador fell short by over $63 million on its BTC investment as the country spent around $103.23 million on its BTC purchases.
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