It\u2019s time for The New York Times\u2019 worst lies about El Salvador. Also, for the newspaper\u2019s counterpoint, by which they admittedly and commendably replicate favorable factors of view. As we mentioned in <\/span>the previous article<\/span><\/a>, \u201cIt\u2019s important to remember that we\u2019re less than a year into this experiment.\u201d Why is The New York Times judging President Bukele\u2019s bitcoin guess so harshly? Because they’ll, that\u2019s why.<\/span><\/p>\n In the mainstream custom of kicking bitcoin when it\u2019s down, The New York Times had the gall to title their newest assault on El Salvador \u201c<\/span>A Poor Country Made Bitcoin a National Currency. The Bet Isn\u2019t Paying Off.<\/span><\/a>\u201d Will they write an identical article when the bitcoin market makes a reversal and President Bukele seems to be like a cost-effective genius? Probably not, however we\u2019ll have to attend and see.\u00a0<\/span><\/p>\n In any case, let\u2019s get into it. And let\u2019s begin by giving credit score the place credit score\u2019s due.\u00a0<\/span><\/p>\n Not every part is unfavourable for The New York Times, and that\u2019s commendable. The newspaper acknowledges that \u201cPolls 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.\u201d Notice the slight jab there on the finish there, however okay.<\/span><\/p>\n The New York Times additionally quotes individuals who help El Salvador\u2019s bitcoin experiment. Eric Gravengaard, the C.E.O. of Athena Bitcoin, says, \u201cTo the extent that we are pursuing financial freedom, we are still on track for that.\u201d And Gerson Mart\u00ednez, a Salvadoran bitcoin entrepreneur mentioned, \u201cThis is simply a dream. As a son of migrants who had to leave El Salvador, this gives me a lot of hope.\u201d\u00a0<\/span><\/p>\n The New York Times additionally acknowledges the truth that \u201cdespite the downturn, bitcoin enthusiasts and entrepreneurs argue that the introduction of bitcoin has transformed El Salvador\u2019s image into that of a technological trailblazer and has created financial opportunities for its citizens outside the mainstream banking systems.\u201d<\/span><\/p>\n Fair, however, then once more, it additionally assaults El Salvador\u2019s bitcoin experiment with out mercy. Do they assault it with benefit, although?\u00a0<\/span><\/p>\n Mainstream media generally makes use of manipulative and extremely imprecise language in the case of discussing bitcoin. The New York Times makes good factors and asks necessary questions, \u201cIt 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.\u201d However, additionally they indicate that El Salvador has \u201clost\u201d cash whereas understanding very nicely that there\u2019s no loss in the event that they don\u2019t promote.\u00a0<\/span><\/p>\n \u201cSo far, Mr. Bukele\u2019s 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.\u201d<\/span><\/p>\n<\/blockquote>\n Since when the @nytimes<\/a> has devoted a lot time and house to El Salvador\u2019s financial initiatives?<\/p>\n It\u2019s clear they\u2019re afraid, #Bitcoin<\/a> is inevitable.<\/p>\n By the best way, they are saying we\u2019re heading to default. Will they publish an apology as soon as we pay every part on time? \ud83d\ude09 pic.twitter.com\/XBNsUScRLW<\/a><\/p>\n \u2014 Nayib Bukele (@nayibbukele) July 8, 2022<\/a><\/p>\n<\/blockquote>\n The article additionally talks concerning the bond that \u201cwould have allowed Mr. Bukele to bypass traditional financial institutions, such as the International Monetary Fund.\u201d And that \u201cthe government postponed the project indefinitely at the last minute, in March, claiming the war in Ukraine had worsened global financial conditions.\u201d Considering the state of the market, they made the correct selection. And they\u2019ll should take care of the results.<\/span><\/p>\n \u201cEventually, 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.\u201d<\/span><\/p>\n<\/blockquote>\n Wow, pictures fired! How did <\/span>Bukele answer<\/span><\/a>? \u201cSince when The New York Times has devoted so much time and space to El Salvador\u2019s economic initiatives? It\u2019s clear they\u2019re afraid, Bitcoin is inevitable. By the way, they say we\u2019re heading to default. Will they publish an apology once we pay everything on time?,\u201d El Salvador\u2019s president tweeted.<\/span><\/p>\n We\u2019ll 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 <\/span>this article<\/span><\/a> will learn like a bit of comedy akin to these relics that predicted the loss of life of the Internet within the nineties.<\/span><\/p>\n That\u2019s it for now, however, bear in mind Bitcoinist answered most of The New York Times\u2019 piece precocious criticism in <\/span>the first part of this limited series<\/span><\/a>.<\/span><\/p>\n (*2*)<\/p>\n<\/p><\/div>\nThe Article\u2019s Positive Side<\/span><\/h2>\n
![\"BTCUSD](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/07\/BTCUSD_2022-07-08_20-32-12-640x356.png\")
<\/p>\nBTC value chart for 07\/08\/2022 on Eightcap | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
The New York Times Can\u2019t Help Itself<\/span><\/h2>\n
\n
\n
\n
Featured Image by tacskooo<\/a> from Pixabay<\/a>| Charts by TradingView<\/a><\/pre>\n