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It’s been over a year since El Salvador codified bitcoin as legal tender in the Latin American country, and taking the “orange pill” thrust the country into the international spotlight. In late September, 41-year-old Salvadoran President Nayib Bukele wrote an opinion piece aimed at critics who think it was the wrong decision, those who think it was a good decision but for the wrong reasons, and opponents. who “are afraid of our decision”.
According to the President of Salvador Nayib Bukele, if the bitcoin experiment his country is participating in is successful, a large number of other countries around the world will follow in the footsteps of the Latin American country. Bukele said this in a recently written opinion editorial called “Stop Drinking the Elite’s Kool-Aid”, which was published on September 30, 2022 in English and Spanish. In the editorial, Bukele criticized three camps of critics, and he believes that most are simply afraid of El Salvador’s innovative decisions.
“The most vocal critics, those who are afraid and pressure us to reverse our decision, are the world’s powerful elites and the people who work for or benefit from them,” Bukele explains in his article. “They used to own everything, and in a way they still do; the media, the banks, NGOs, international organizations and almost every government and company in the world.”
Bukele also denies the many headlines published by media such as “Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times and The Washington Post” which claim “the entire country’s economy”. was devastated by a $50 million loss.” The Salvadoran president says the claims are unclear and mostly because the country has not sold a single bitcoin since it began acquiring a stockpile of BTC.
“So the argument that we’ve lost $50 million worth of bitcoin is false, because we simply haven’t sold any bitcoin,” Bukele’s editorial insists. “And even if we were to accept that argument as true, it would be ludicrous to conclude that a $28 billion per year economy will go bankrupt or default because of a 0.2% “loss” in one year, when in spring 2021 the economy grew 10.3%, or by $4 billion. This uses the IMF’s own figures.”
Bukele’s opinion piece goes on to add:
In 2021, our GDP increased by 10.3%, tourism income increased by 52%, employment increased by 7%, new businesses up 12%, exports up 17%, energy production up 19%, energy exports up 3,291%, and internal revenues went up 37%, all without increasing taxes. And this year, crime and homicide rates have dropped 95%.
The Salvadoran bureaucrat says he understands that bitcoin is a very big experiment, and he thinks it is absurd to claim that the country has already failed. His recent statements are similar to Bitcoin’s inventor, when Satoshi said: “I am sure that in 20 years there will either be very large transaction volume or no volume.” Likewise, El Salvador has joined the great experiment, and time will tell whether the Latin American country’s bet succeeds or fails. If successful, Bukele’s editors claim that many countries will follow El Salvador’s lead.
“El Salvador is the epicenter of Bitcoin adoption, and thus economic freedom, financial sovereignty, censorship resistance, unconfiscatable wealth, and the end of royal powers, their printing, devaluation and redistribution of the wealth of the majorities to interest groups, the elites, the oligarchs, and those in the shadows behind them, pulling their strings,” Bukele’s article concludes. “If El Salvador succeeds, many countries will follow. If El Salvador somehow fails, which we deny, no country will follow.”
What do you think of Salvadoran President Nayib Bukele’s recent opinion piece? Let us know what you think about this topic in the comments section below.
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