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

It’s the ideal opportunity for The New York Times’ most terrible lies about El Salvador. Likewise, for the paper’s antithesis, wherein they truly and estimably reflect good perspectives. As we said in the past article, “It’s important to remember that we’re less than a year into this experiment.” Why is The New York Times making a decision about President Bukele’s bitcoin wagered so brutally? Since they can, that is why.

In the standard practice of kicking bitcoin when it’s down, The New York Times had the nerve to title their most recent go after on El Salvador “A Poor Country Made Bitcoin a National Currency. The Bet Isn’t Paying Off.” Will they compose a comparable article when the bitcoin market makes an inversion and President Bukele seems to be a conservative virtuoso? Likely not, however we’ll need to sit back and watch.

In any case, we should get into it. Furthermore, how about we start by offering credit where’s some respect.

The Article’s Positive Side

Not everything is negative for The New York Times, and that is excellent. That’s what the paper recognizes “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 punch there toward the end there, yet ok.

The New York Times additionally statements individuals who support El Salvador’s bitcoin analyze. 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 business visionary said, “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 likewise recognizes the way 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 at that point once more, it likewise goes after El Salvador’s bitcoin explore without kindness. However, do they go after it with merit?

BTC cost diagram for 07/08/2022 on Eightcap | Source: BTC/USD on TradingView.com

The New York Times Can’t Help Itself

Mainstream media overall purposes manipulative and exceptionally loose language with regards to examining bitcoin. The New York Times makes valid statements and poses significant inquiries, “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, they likewise suggest that El Salvador has “lost” cash while knowing very well that there’s no misfortune in the event that they don’t sell.

“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.”

Since when the @nytimes has committed such a lot of reality to El Salvador’s financial initiatives?

It’s unmistakable they’re apprehensive, #Bitcoin is inevitable.

By the way, they say we’re going to default. Will they distribute a conciliatory sentiment once we pay everything on time? 😉 pic.twitter.com/XBNsUScRLW

— Nayib Bukele (@nayibbukele) July 8, 2022

The article likewise discusses the security 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 condition of the market, they settled on the ideal decision. Furthermore, they’ll need to manage the consequences.

“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, shots discharged! 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 leader tweeted.

We’ll make it considerably simpler, will The New York Times distribute a positive story once bitcoin awakens from its sleep? Since that will definitely occur. What’s more this article will peruse like a piece of parody similar to those relics that anticipated the passing of the Internet in the nineties.

That’s it for the present, yet, recall Bitcoinist addressed a large portion of The New York Times’ piece bright analysis in the initial segment of this restricted series.

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The New York TImes building