El Salvador’s President, Nayib Bukele, made headlines when he became the first country to officially declare Bitcoin (BTC) money in September of 2021, and then he did not fall from the headlines with his BTC purchases. While El Salvador’s Bitcoin initiative made a big splash, the recent collapse in the cryptocurrency market led to comments that the attempt would fail or even happen. The last party to claim that the Bitcoin initiative led by El Salvador’s Bukele failed was Bloomberg.
Defining Nayib Bukele as the “flashy president” of El Salvador, Bloomberg reported on December 3 that the Bitcoin initiative was promoted as a solution to the country’s economic problems, but the initiative failed within a year.
Bukele reacted to Bloomberg’s Bitcoin news on his personal Twitter account and stated that the news did not reflect the truth and was full of lies. “This news is full of lies that are the standard for Bloomberg. What is surprising is that the mainstream media suddenly cares so much about El Salvador. Corrupt politicians looted $37 billion from our state coffers and not a single piece of news has been made.” He reacted to Bloomberg’s Bitcoin news with his words.
El Salvador, one of the Central American countries, became the first country in the world to officially declare Bitcoin as money on September 7, 2021. 400 BTC was added to the country’s balance sheet that day. With the regular purchases made since then, the amount of BTC in the country’s balance sheet has increased to 2,381. The Bitcoins in question amount to $41.3 million at the time of this writing.
Bukele recently made a remarkable Bitcoin statement on November 17, saying, “We start to buy a Bitcoin every day from tomorrow”, showing that they do not listen to the collapse in the crypto money market and all the criticisms. This statement of the President of El Salvador came with support from the crypto money community.