El Salvador’s president disses Bloomberg over Bitcoin criticism
El Salvador’s President Nayib Bukele called a Bloomberg report about his bitcoin experiment “full of lies.” The crypto community seems to largely agree with him.
El Salvador’s President Nayib Bukele lashed out at Bloomberg over Twitter for a report on the country’s bitcoin experiment. Bukele tweeted on December 5 that the Bloomberg article was “full of lies” and suggested that the media only had an interest in selected issues. The article essentially called El Salvador’s decision to make Bitcoin legal tender a failure.
In the report published last month, Bloomberg stated that Bukele’s Bitcoin revolution “failed miserably.” It talks about the origins of Bukele’s interest in passing the Bitcoin Act. It also paints an unflattering picture of the country’s conditions, contrasting it with enthusiasm for cryptocurrency. The reporter also spoke to locals, many of whom seemed disdainful of the cryptocurrency.
On the whole, the report implicitly criticizes the country and how it is run. However, it notes that Bukele’s approval rating is around 90%. The country’s residents seem to attribute the suppression of gang violence to him. El Salvador has been in the news for a number of reasons in recent weeks. The country is dealing with gang violence and carrying out widespread arrests while the economy is in dire straits.
Overall, the report suggests that the Bitcoin experiment has not helped. Stacy Herbert, who has spoken to Bukele with her husband Max Keiser, called the Bloomberg piece propaganda.
El Salvador marches forward with Bitcoin
While criticism of the Bitcoin experiment has reached a high level, El Salvador continues to take action with the cryptocurrency. The most important of these is the fact that the country has proposed a digital securities law focusing on cryptocurrencies.
The bill would establish a National Digital Assets Commission, a body that would oversee the regulation of crypto entities. The bill is likely to pass as Bukele’s party has majority legislative control.
El Salvador is negotiating an economic agreement with China, which could provide some relief for the country’s economy. China has already made some contributions, but the concern is that they will sacrifice some of El Salvador’s sovereignty.
Meanwhile, Bukele has said that the country plans to buy 1 BTC every day. Reports are that the country has almost 2400 BTC.
The Bukele report is not the only one that has caught the crypto community’s attention. The New York Times was heavily criticized for its report on Sam Bankman-Fried and the FTX collapse. The Washington Post, Forbes and The Wall Street Journal were similarly criticized.
The reports were called “puff pieces” that were too kind to Bankman-Fried and FTX’s operations. The crypto community said the reports made Bankman-Fried seem like a charitable figure.
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