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  5. The New York Times latest attack on El Salvador and BTC will not age well, pt. two

The New York Times latest attack on El Salvador and BTC will not age well, pt. two

The New York Times latest attack on El Salvador and BTC will not age well, pt. two

It’s time for the worst New York Times lies about El Salvador. Also, for the counterpoint of the magazine, when they certainly and commendably reflect favorable points of view. As we said in the previous article, “it’s important to remember that we’re less than a year into this experiment.” Why is the New York Times judging President Bukele’s Bitcoin bet so harshly? Because they can, that’s why.

In the time-honored tradition of kicking bitcoin when it’s down, The New York Times had the gall to headline its latest attack on El Salvador “A poor country made bitcoin a national currency.” The bet does not pay. Will they write a similar article when the bitcoin market reverses and President Bukele looks like an economic genius? Probably not, but we’ll have to wait and see.

Anyway, let’s go. And let’s start by giving credit where credit is due.

The positive side of the article.

Not everything is negative for the New York Times, and that is laudable. The newspaper acknowledges that “polls show that more than eight out of 10 Salvadorans continue to support the president, thanks in part to his broad support against criminal gangs and fuel subsidies.” Notice the light jab at the end, but that’s fine.

The New York Times also cites people who support the bitcoin experiment in El Salvador. Eric Gravengaard, CEO of Athena Bitcoin, said: “As we seek financial freedom, we are still well on our way to achieving it.” And Gerson Martínez, a Salvadoran bitcoin entrepreneur who said: “It’s just a dream. As the son of migrants who had to leave El Salvador, this gives me great hope.

The New York Times also acknowledges that “despite the recession, bitcoin enthusiasts and entrepreneurs say the introduction of bitcoin transformed El Salvador’s image into that of a technological pioneer and created financial opportunities for its citizens outside of banking systems.” traditional”.

Right, but then again, he also viciously attacks El Salvador’s bitcoin experiment. Do they attack it with merit, however?

BTC price chart for 07/08/2022 in Eightcap | Source: BTC/USD on TradingView.com

The New York Times can’t help it

The mainstream media often uses manipulative and highly imprecise language when discussing bitcoin. The New York Times makes good points and asks important questions: “It’s not clear where bitcoin assets are held, how much they’re worth, how they were paid for, or even who has the codes that prove their ownership.” However, they also imply that El Salvador “lost” money knowing full well that there is no loss if it does not sell.

“So far, Mr. Bukele’s transactions have cost the country around $63 million in lost value, according to estimates last week from Disruptive magazine, published by Francisco Gavidia University in San Salvador. Losses are mounting as the government struggles to subsidize rising costs of food and fuel imports and meet the next debt payment.

Since when does the @nytimes dedicate so much time and space to economic initiatives in El Salvador?

It is clear that they are afraid, #Bitcoin is inevitable.

By the way, they say we’re headed for default. Will they issue an apology once we pay everything on time? 😉 pic.twitter.com/XBNsUScRLW

– Nayib Bukele (@nayibbukele) July 8, 2022

The article also talks about the bond that “would have allowed Mr. Bukele to bypass traditional financial institutions, such as the International Monetary Fund.” And that “the government postponed the project indefinitely at the last minute in March, saying the war in Ukraine had worsened global financial conditions.” Given the state of the market, they made the right decision. And they will have to face the consequences.

“Ultimately, Mr. Bukele will be faced with the difficult choice of slashing public spending at the risk of angering voters, or pushing the country into default. A default could disrupt basic imports, reduce growth and even trigger a bank run.

Wow, shots were fired! How did Bukele respond? “Since when does the New York Times devote so much time and space to El Salvador’s economic initiatives? They clearly fear that Bitcoin is inevitable. By the way, they say we’re headed for default. Will they issue an apology once we pay everything on time? “, tweeted the Salvadoran president.

We’ll make it even easier, will the New York Times run a positive story once Bitcoin wakes up from its slump? Because it will inevitably happen. And this article will read like a comedy similar to those works that predicted the death of the Internet.

And that’s it for now, but remember that Bitcoinist responded to most of the early New York Times reviews in part one of this limited series.

Featured Image by tacskooo from Pixabay| Charts by TradingView

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