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Nayib Bukele, the president of El Salvador, has blasted criticism for their smear campaign primarily aimed at discrediting his country’s ability to meet its debt obligations after the value of Bitcoin deposits plunged into the red.
In a thread of tweets Tuesday, the bitcoin bulls condemned what it called major media, financial analysts and risk rating agencies for “shamelessly lying” to the world that El Salvador is bankrupt and will default on its debts. Bukele’s boom came after his government finished paying investors holding Eurobonds with a January 24, 2023 maturity.
“In the last year, almost every old international news outlet said that because of our “Bitcoin bet” El Salvador would default on its debts in January 2023 (since we have an 800 million dollar bond due today). Literally hundreds of articles,” Bukele wrote.
“Well, we just paid it in full, 800 million dollars plus interest,” he added.
Since taking office in 2019, the former mayor of San Salvador has come under intense criticism, particularly for his aggressive policies. However, from eradicating corruption after campaigning on this slogan “There is enough money when no one steals” to restore law and order to the once crime-ridden Central American country, his tactics endear him to many in his country.
   
Nevertheless, some critics, particularly international financial institutions, are increasingly at odds with the Bukele administration following the decision to make Bitcoin legal tender by 2021. On several occasions, the World Bank, as well as the International Monetary Fund (IMF), urged El Salvador to reduce his push for Bitcoin as legal tender, noting that the country risks being cut off by international financiers.
The warning was further echoed by the mainstream media, which devoted a great deal of time and space to El Salvaldor’s economic initiatives, especially after the crash of the crypto market last year.
Last July, Bukele lambasted the New York Times after the newspaper published an article titled “Obviously they’re scared, Bitcoin is inevitable”, which seemed to rebuke El Salvador’s Bitcoin agenda.
“Obviously they fear Bitcoin is inevitable. By the way, they said we are going to default. Will they issue an apology after we pay everything on time?” Bukele said at the time.
Despite this, the Bukele administration has remained undeterred by dissidents, vowing to continue pushing its agenda and carrying out its commitments and responsibilities to repay its debts and improve the livelihoods of its citizens.
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