El Salvador Wins Its Bitcoin (BTC) Bet, Critics Fail, Here’s What Happened

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Youri Molchan

The Salvadoran president has slammed the mainstream media for its pessimistic coverage of the country’s bitcoin betting

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El Salvador announces no default on BTC bondsNational Bitcoin Office of El Salvador

Salvadoran leader Nayib Bukele took to Twitter to say that despite the successful payout of $800 million on a Bitcoin-backed bond he issued earlier, mainstream media in the US and other major countries do not cover this important event.

El Salvador announces no default on BTC bonds

Meanwhile, he pointed out, in the last year many media outlets published “hundreds” of pessimistic publications, claiming that the country would be in default by January 2023. In particular, Bukele mentioned an article from the New York Times, which published the story that El Salvador was unable to pay on its BTC bonds and would face default.

He also provided links to several other articles, while claiming that there were many more than this one.

Bukele said he called the New York Times, but readers would rather believe the international media and their “economic geniuses”.

Slamming all predictions that El Salvador would face default, the president shared the news that they had just paid an $800 million Bitcoin bond. However, according to him, there is so far only one article in Spanish that has covered this important event.

Over the past year, almost every international legacy media has said that due to our #Bitcoin bet, El Salvador will default on its debt by January 2023 (since we have an $800 million obligation expiring today).

Literally hundreds of items https://t.co/rEiK7K13U4

Nayib Bukele (@nayibbukele) January 24, 2023 El Salvador National Bitcoin Office

In November last year, El Salvador opened its National Bitcoin Office. The establishment faces various strategies and initiatives from the country’s government that involve the flagship cryptocurrency, Bitcoin. In addition, he is responsible for providing media with any information regarding Bitcoin and blockchain.

The National Bitcoin Office was created by Decree No. 49 and signed by President Bukele and the country’s Minister of Tourism.

As of this writing, Bitcoin is changing hands at $22,707, losing nearly 2% in the past 24 hours. At the start of the month, it had managed to rise 39% since the start of the year.

Over the weekend, BTC managed to break above the $23,000 level, but it failed to settle there and climb higher.

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