President of El Salvador Nayib Bukele Burst “Mainstream Media” for Reports criticizing His Country’s Bitcoin Investments
President Nayib Bukele of El Salvador has criticized “the mainstream media” for their criticisms of the country’s decision to embrace Bitcoin as legal cash.
The comment was a reaction to a recent tweet by Bloomberg that said Bukele’s efforts to promote Bitcoin as a “solution to the country’s economic difficulties” were a dismal failure.
Several members of the cryptocurrency community have seen that Bloomberg has been sharing the same tweet criticizing El Salvador and Nayib Bukele for the last two weeks.
Neil Jacobs, a host of the Bitcoin News Show, said, “It’s OK to publish a critical opinion article, but continuous repetition is nothing but propaganda.” “I don’t believe that Bloomberg, one of the greatest magazines in the world, has an incompetent social media department that repeats this message using the software SocialFlow.”
Alex Gladstein, a crypto fan and contributor to Bitcoin Magazine, said that other mainstream media outlets publish similar stories that disparage Bitcoin and cryptocurrencies.
In June 2021, El Salvador was the first nation in the world to recognize Bitcoin as legal money. As a result, the nation began directly investing millions in Bitcoin by purchasing and holding the leading cryptocurrency.
However, due to the fact that the government acquired BTC while the currency was near its all-time high, its holdings have lost more than fifty percent of their value over the previous several months. According to public data, El Salvador presently has 2,381 BTC, which it acquired for an average of $43,357.
At the current Bitcoin price of $17,000, El Salvador’s BTC holdings are worth almost $40 million. El Salvador has lost more than $63 million on its BTC investment, as it has spent roughly $103.23 million on BTC purchases.