Nayib Bukele, the president of El Salvador, criticized Bloomberg on Twitter for a story about the nation’s bitcoin initiative.
The Bloomberg piece, according to Bukele’s tweet on December 5, was “full of lies” and suggested that the press was only interested in a few subjects. The decision to make Bitcoin legal tender in El Salvador was largely labeled a failure in the article. Last month, Bloomberg claimed in a study that Bukele’s Bitcoin revolution was “failing miserably.”
The article discusses the reasons behind Bukele’s desire to pass the Bitcoin law. Additionally, it portrays a negative image of the nation’s circumstances while contrasted with enthusiasm for cryptocurrencies. The research article, seen as a whole, contains subtle criticism of the nation and its administration.
It does, however, mention that Bukele has a 90% approval rating. The residents of the nation appear to credit him with the crackdown on gang violence. In recent weeks, El Salvador has made headlines for a number of different reasons. The nation’s economy is in shambles while it combats gang violence and makes massive arrests.
However, despite such high approval ratings, the decision of making Bitcoin as a legal tender is not well received — and that was made evident when the Bloomberg reporter chatted with locals about Bitcoin’s legal tender status and many mocked it.
In conclusion, the article assumes that the Bitcoin experiment was unsuccessful. The Bloomberg article was referred to as propaganda by Stacy Herbert, who had spoken to Bukele along with her husband Max Keiser. Stacy and her husband Max have been creatin ‘Bitcoin content’ since 2011, as per their youtube channel.
Recently, the President tweeted that the country was going to purchase one Bitcoin everyday starting November 18.
El Salvador has been receiving a lot of criticism for its Bitcoin experiment, yet it still uses the money. A legislation on the issuance of digital assets was recently drafted by the first country to recognise Bitcoin as legal tender, which would streamline dealing with all crypto assets.
On the other hand, as the economy deteriorates, El Salvador and China are negotiating a deal that could help the country’s economy. However, there are concerns China might use this opportunity to exploit El Salvador’s sovereignty.