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    The New York Times’ Latest Attack On El Salvador And BTC Won’t Age Well, Pt. 2


    It’s time for The New York Times’ worst lies about El Salvador. Also, for the newspaper’s counterpoint, by which they admittedly and commendably replicate favorable factors of view. As we stated 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 guess so harshly? Because they’ll, that’s why.

    In the mainstream custom of kicking bitcoin when it’s down, The New York Times had the gall to title their newest assault on El Salvador “A Poor Country Made Bitcoin a National Currency. The Bet Isn’t Paying Off.” Will they write an identical article when the bitcoin market makes a reversal and President Bukele appears to be like like a cheap genius? Probably not, however we’ll have to attend and see. 

    In any case, let’s get into it. And let’s begin by giving credit score the place credit score’s due. 

    The Article’s Positive Side

    Not all the things is adverse for The New York Times, and that’s commendable. The newspaper acknowledges that “Polls show that more than eight of 10 Salvadorans continue backing the president, thanks in part to his widely supported crackdown on criminal gangs and on fuel subsidies.” Notice the slight jab there on the finish there, however okay.

    The New York Times additionally quotes individuals who assist El Salvador’s bitcoin experiment. Eric Gravengaard, the C.E.O. of Athena Bitcoin, says, “To the extent that we are pursuing financial freedom, we are still on track for that.” And Gerson Martínez, a Salvadoran bitcoin entrepreneur stated, “This is simply a dream. As a son of migrants who had to leave El Salvador, this gives me a lot of hope.” 

    The New York Times additionally acknowledges the truth that “despite the downturn, bitcoin enthusiasts and entrepreneurs argue that the introduction of bitcoin has transformed El Salvador’s image into that of a technological trailblazer and has created financial opportunities for its citizens outside the mainstream banking systems.”

    Fair, however, then once more, it additionally assaults El Salvador’s bitcoin experiment with out mercy. Do they assault it with benefit, although? 

    BTCUSD price chart for 07/08/2022 - TradingView

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

    The New York Times Can’t Help Itself

    Mainstream media typically makes use of manipulative and extremely imprecise language with regards to discussing bitcoin. The New York Times makes good factors and asks essential questions, “It is unclear where the bitcoin assets are held, what they are worth, how they were paid for or even who holds the codes that prove their ownership.” However, additionally they indicate that El Salvador has “lost” cash whereas realizing very properly that there’s no loss in the event that they don’t promote. 

    “So far, Mr. Bukele’s trades have cost the country an estimated $63 million in lost value, according to estimates last week by the magazine Disruptive, published by Francisco Gavidia University in San Salvador. The losses are increasing as the government struggles to subsidize the rising costs of food and fuel imports and meet an upcoming debt payment.”

    The article additionally talks concerning 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, claiming the war in Ukraine had worsened global financial conditions.” Considering the state of the market, they made the best alternative. And they’ll must cope with the implications.

    “Eventually, Mr. Bukele will face a difficult choice of drastically cutting public spending at the risk of angering voters, or pushing the country into default. A default could disrupt basic imports, reduce growth and even cause a bank run.”

    Wow, photographs fired! How did Bukele answer? “Since when The New York Times has devoted so much time and space to El Salvador’s economic initiatives? It’s clear they’re afraid, Bitcoin is inevitable. By the way, they say we’re heading to default. Will they publish an apology once we pay everything on time?,” El Salvador’s president tweeted.

    We’ll make it even simpler, will The New York Times publish a optimistic story as soon as bitcoin wakes up from its slumber? Because that may inevitably occur. And this article will learn like a chunk of comedy akin to these relics that predicted the demise of the Internet within the nineties.

    That’s it for now, however, bear in mind Bitcoinist answered most of The New York Times’ piece precocious criticism in the first part of this limited series.

    Featured Image by tacskooo from Pixabay| Charts by TradingView

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