It has been more than a year since El Salvador codified bitcoin as legal tender in the Latin American country, and by taking the ‘orange pill’, the country became the center of international attention. In late September, Salvadoran President Nayib Bukele, 41, wrote an opinion editorial targeting critics who think it was the wrong decision, those who think it was a good decision but for the wrong reasons, and opponents . that “they are afraid of our decision”.
Nayib Bukele’s Opinion Editorial tells people to ‘stop drinking the elite’s Kool-Aid’
According to the Salvadoran president Nayib BukeleIf the bitcoin experiment your country is participating in is successful, a host of other countries around the world will follow in the footsteps of the Latin American country. Bukele had this to say in a recently written op-ed called “Stop Drinking Elite Kool-Aid,” which was published on September 30, 2022 in English and Spanish. In the editorial, Bukele criticized three camps of detractors, believing that most of them are simply afraid of El Salvador’s innovative decisions.
“The most vocal detractors, those who are afraid and pressure us to reverse our decision, are the powerful elites of the world and the people who work for them or benefit from them,” Bukele explains in his article. “They used to own everything, and in a way they still do; the media, banks, NGOs, international organizations and almost every government and corporation in the world”.
Bukele also denies the many headlines published by media outlets such as “Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times and The Washington Post” which claim that “the economy of the entire country it was destroyed for a loss of $50 million.” The Salvadoran president says the claims are nonsense and mainly because the country has not sold a single bitcoin since it began acquiring a BTC reserve.
“So the argument that we have lost $50 million in bitcoin is false, because we simply have not sold any bitcoin,” Bukele’s editorial insists. “And even if we were to accept that argument as true, it would be ridiculous to conclude that a $28 billion a year economy will fail or default due to a 0.2% ‘loss’ in a year, when in 2021 our economy grew. 10.3%, or $4 billion. This is using the IMF’s own numbers.”
Bukele’s opinion piece further adds:
In 2021, our GDP increased 10.3%, tourism revenue increased 52%, employment increased 7%, new business increased 12%, exports increased 17%, power generation increased 19%, energy exports they increased 3,291% and domestic revenue increased by as much as 37%, all without raising taxes. And this year, the crime and murder rate is down 95%.
The president says that “El Salvador is the epicenter of Bitcoin adoption”
The Salvadoran bureaucrat details that he understands that bitcoin is a very big experiment and believes that it is absurd to affirm that the country has already failed. His recent statements are similar to those of the inventor of Bitcoin, when Satoshi said: “I am sure that in 20 years there will be a very large transaction volume or no volume at all.” Similarly, El Salvador has joined the great experiment and time will tell if the Latin American country’s bet succeeds or fails. If successful, Bukele’s editorial claims that many countries will follow El Salvador’s example.
“El Salvador is the epicenter of the adoption of Bitcoin, and therefore, economic freedom, financial sovereignty, resistance to censorship, unconfiscatable wealth and the end of kingmakers, their printing, devaluation and reallocation of the wealth of majorities to interest groups, the elites. , the oligarchs, and those who are in the shadows behind them, pulling their strings,” Bukele’s article concludes. “If El Salvador is successful, many countries will follow. If El Salvador fails in any way, which we refuse to do, no country will follow.”
What do you think of the recent opinion editorial by Salvadoran President Nayib Bukele? Let us know what you think about this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerNote: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.