• El Salvador’s President Nayib Bukele has criticized „legacy international news outlets“ for their unfair coverage of the country’s repayment of its $800 million bond debt.
• Bukele said that these media outlets had previously predicted El Salvador would default on its debt but failed to report when it was paid in full.
• Bukele called out the legacy media outlets for their lies and said they often go silent when their lies are exposed.
El Salvador’s President Nayib Bukele has recently criticized „legacy international news outlets“ for their unfair coverage of the country’s repayment of its $800 million bond debt. Bukele said that these media outlets had extensively predicted that the South American country would default on its debts because of its „Bitcoin bet“, and wrote that it might have to strike a deal with the International Monetary Fund to make its bond payments due to its Bitcoin losses. He noted that despite El Salvador making the full $800 million payment with interests as and when due, almost no one was covering the story.
Bukele accused the legacy media outlets of lying and said that they often go silent when their lies are exposed. He argued that the lack of coverage was unfair and said that the media should have been talking about the success of El Salvador’s bond debt repayment, rather than its potential failure.
The repayment of the bond debt is coming on the heels of an approval to sell BTC-backed bonds worth $1 billion. El Salvador plans to use the funds from these bonds to purchase more BTC and build a „Bitcoin City“. The country has also recently become the first nation to make Bitcoin legal tender, which was hailed as a major victory for cryptocurrency adoption.
Despite the media’s silence, El Salvador’s success with its bond debt repayment is a milestone in the world of finance. The country has shown that it is capable of meeting its financial obligations, even in the face of economic uncertainty. This is a testament to the country’s commitment to financial responsibility and stability, and should be applauded by the international community.