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Pro-Bitcoin head Nayib Bukele took to Twitter to share his thoughts on Bloomberg’s recent article on El Salvador. The article published on November 3, 2022 was supposed to summarize El Salvador (BTC) travel throughout the year. However, Bukele believes the Bloomberg article is far from reality, to say the least. Bukele stated: “This article is full of lies, which is typical for Bloomberg.”
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This article is full of lies, which is the norm for Bloomberg…but most surprising is how suddenly the mainstream media cares about El Salvador. Corrupt politicians have looted $37 billion from our state coffers and have not written a single article. https://t.co/bAf3tfKxIV
— Nayib Bukele (@nayibbukele) December 4, 2022
The discontent with the Bloomberg article stems from several causes. First, Bukele claims that the media wasn’t interested in the tiny Latin American country when “corrupt politicians looted $37 billion from our state coffers, and didn’t write a single article.”
Whatever the case, El Salvador’s new approach has increased both domestic and international tourism, with the country getting a fair amount of attention from both the media and social media. Hence, cryptocurrency enthusiasts from all over the world are motivated to visit the country. For example, Bitcoin Beach in El Zonte has become the flagship for BTC trips in El Salvador.
El Salvador: Land of #Bitcoin and Beauty! El Zonte Beach #archiepix pic.twitter.com/rMcU0VaTfj
Bitcoin Archive (@BTC_Archive) September 16, 2022
Is El Salvador safe again?
The Bloomberg article begins by claiming that BTC is not found anywhere in the country, and even adds in bold: “Easier to find: mass arrests, soldiers with machine guns.” It could be argued that this was taken out of context to portray El Salvador in a negative light.
In fact, El Salvador has successfully curbed gang violence and killings in the country with special forces. El Salvador, which previously led the kill rate, dropped out of the top 10 this year, thanks to Bukele’s tough and unorthodox methods. To be clear, Soyapango, one of the largest cities in the country, is surrounded by ten thousand soldiers at the moment.
The barrier aims to eliminate gang activity in a city of 290,000 people.
“Police and military rescue teams have been tasked with taking out all the gang members that are still there one by one,” Bukele tweeted over the weekend. In the end, the pandemic of gang violence in Latin America continues to be one of the major social issues in countries such as Honduras, Venezuela, and Mexico. While El Salvador can be a good example for fighting serious crime, it is hardly covered by the media. Moreover, the country is striving to become the new fintech hub of Latin America, with many crypto talents deciding to check it out for themselves.
maxkeiser tells the story of how Bitcoinbeach led to #Bitcoin becoming legal tender in ES. Congratulations to the team involved, what a story! .com/q52zTuKLJO
– Cory Bates (@corybates1895) December 2, 2022
on the flip side
- Nayib Bukele’s cryptocurrency portfolio is still in the red at 62%. However, the Minister of Finance, Alejandro Zelaya, explained that the price drop is not appropriate, since it is a long-term investment.
- At press time, BTC investments in El Salvador have shrunk by $66.7 million due to the ongoing bear market.
Why should you bother
El Salvador was the first country in the world to announce a legal tender for BTC. The developments in El Salvador are important to study to help increase crypto adoption around the world.
Read the latest cryptocurrency adoption stories from Latin America:
Brazil adopts cryptocurrency as a method of payment
Outstanding Argentine Women Receive NFT Awards
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