El Salvador’s President Criticizes The Biased Reporting By “Legacy” Media Sources

Key Points:

• Nayib Bukele blasted “legacy foreign press outlets” for neglecting to report on his nation’s discharge of its $800 million bond obligation.
• El Salvador’s bond debt repayment follows the approval of the sale of $1 billion in BTC-backed bonds. The nation intends to utilize the money to buy more bitcoins and create a “Bitcoin City.”

In a post on Twitter on January 23, El Salvador’s president Nayib Bukele blasted “legacy foreign press outlets” for neglecting to report on his nation’s discharge of its $800 million bond obligation.

Bukele claimed that numerous media sources had projected that the South American nation would go bankrupt due to their “Bitcoin bet.”

He pointed out that some of these companies have written that his nation could need to work out a deal with the IMF to make its bond payments due to its Bitcoin losses. Bukele continued:

“[They were] creating the narrative that El Salvador was broke and going to default. I called them out at the time, but of course, who was going to believe us and not every international news outlet and their “economic geniuses”?”

But following the country making the full $800 million payment with interests as and when due, Bukele said that “almost nobody is covering the story.”

“[Legacy media outlets] lie and lie and lie, and when their lies are exposed, they go on silence mode.”

El Salvador’s bond debt repayment follows the approval of the sale of $1 billion in BTC-backed bonds. The nation intends to utilize the money to buy more bitcoins and create a “Bitcoin City.”

In the past, El Salvador received strong criticism from international financial organizations over its decision to accept cryptocurrencies as legal cash starting in September 2021. Due to the volatility of BTC, many analysts projected that the nation would have trouble repaying its obligations.

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