Bukele posted an article defending his purchase of Bitcoin with taxpayer funds.
The president of El Salvador, Nayib Bukele, published a long article in Bitcoin Magazine about his decision to buy Bitcoin, criticizing his detractors. Here we summarize his ideas.
- Nayib Bukele published an article in Bitcoin Magazine
- There he gives arguments against the media that have criticized his purchase of Bitcoin
- Says USD $50 million does not mean “losses” for the economy of his country
The president of El Salvador, Nayib Bukele, has not stopped for a minute to defend his decision to buy Bitcoin with the country’s money, despite the many criticisms it has received for it. He has insisted that there can be no talk of losses, because he has not sold the BTC that he has, and has firmly maintained his confidence in the main cryptocurrency. His position has been ratified several times both in Twitter as in interviews. Likewise, recently, in a speech before the United Nations, he asked to respect the economic decisions of the country.
But now he looked for another medium to spread these ideas. He did it in a long article published in the middle Bitcoin Magazineone of the media, moreover, that has openly supported El Salvador’s decision to be the first country in the world to adopt Bitcoin as legal tender.
DailyBitcoin decided to make a summary of the main ideas exposed by the president in his article titled “Stop swallowing the tale of the elites.”
Article by Bukele
Bukele’s text begins by recalling that El Salvador was the first country in the world to legally adopt Bitcoin and he says that this will be recorded in the history of money.
He divided his detractors into three groups: Those who genuinely believe it was the wrong decision, those who believe it was a good decision for the wrong reasons, and those who are afraid of his decision. He assures that those who raise their voices against him are fundamentally “the elites and the people who work for them”.
“Every financial publication, every major news organization, every newspaper in the world, every credit rating agency and every international financial organization is saying the same thing, as if in a choir. But is any of this true?asks and answers:
“Well, you just need to read their articles and listen to their “experts” saying that this all happened after El Salvador lost around $50 million due to the Bitcoin price plummeting on exchanges. Since we are not selling any Bitcoin, this statement is obviously false. But for the sake of further analysis, let’s just say that it was completely true, which of course it isn’t, but bear with me.
Really? An entire country’s economy was destroyed by a $50 million loss?
Yes, El Salvador is a relatively poor country, but in 2021 alone we produced USD $28 billion in products and services. Pushing the idea that a loss of $50 million (less than 0.2% of our GDP) would destroy or even put our country’s economy in trouble is beyond stupid; it’s revealing.”
against the media
In the article he names relevant media outlets that have written against him: “One would think that the economic geniuses at Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times, The Washington Post, etc., would have enough analysts and editors versed in these topics to tell them not to post such nonsense. You’d think these silly articles wouldn’t get past those editorial boards, but they do. And sometimes they even take up a very large space, like a full page in The New York Times.”
And before that he reiterates:
“So the argument that we’ve lost $50 million worth of bitcoin is false, because we just haven’t sold any bitcoin. And even if we were to accept that argument as true, it would be ridiculous to conclude that a $28 billion per year economy will fail or default due to a 0.2% “loss” in a year.or, when in 2021 our economy grew 10.3%, or USD $4 billion. And that according to the IMF’s own figures!
And even if you want to accept that absurd argument as true, which would mean that you ignore basic math or logic, you still have to wonder why these global media corporations would give so much time and space to a country as small as El Salvador.
Were they talking about El Salvador before? Did they care what was happening in our country? Did they denounce the USD $37 billion that previous governments stole from our country’s treasury?
Ask yourself these questions; A few years ago, did you know where El Salvador was located on a map? Did you know the name of the former president of El Salvador? Did you know about his failed economic policies?
The answer to those questions added to the unbelievable absurdity of portraying, in hundreds of serious financial publications, that an economy that produces $28 billion a year will go bankrupt for an arguable loss of $50 million. That is all the proof one should need to see that they are trying to trick you.”
Bukele continues to share more economic and social data that indicates the improvement of the country: “In 2021, our GDP increased 10.3%, tourism receipts increased 52%, employment increased 7%, new business increased 12%, exports increased 17%, power generation increased 19%, energy exports they increased 3,291% and domestic revenue increased by as much as 37%, all without raising taxes. And this year, the crime and murder rate is down 95%.”
After talking about other indicators, such as the level of approval of the presidential administration in the polls, the governor concluded the article by saying:
“El Salvador is the epicenter of the adoption of Bitcoin, and therefore, of economic freedom, financial sovereignty, resistance to censorship, non-confiscatable wealth and the end of the crowners of kings, their publications, devaluations and reallocation from the wealth of the majorities to the private interests, the elites, the oligarchs, and the shadowy powers behind them, pulling the strings.
If El Salvador is successful, many countries will follow suit. If El Salvador fails, something we refuse to do, no country will try.
They know it very well and that is why they fight so much against us.
Will you enter their game?
Or will you realize the real game?