Main navigation

El Salvador Wins Its Bitcoin (BTC) Bet, Critics Fail, Here's What Happened

Wed, 01/25/2023 - 13:44
article image
Yuri Molchan
El Salvador president slammed mainstream media for its pessimistic coverage of country's Bitcoin bet
El Salvador Wins Its Bitcoin (BTC) Bet, Critics Fail, Here's What Happened
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

El Salvador leader Nayib Bukele has taken to Twitter to state that despite the successful payout of $800 million on a Bitcoin-backed bond it had issued earlier, the mainstream media in the U.S. and other major countries are not covering this significant event.

El Salvador is not announcing default on BTC bonds

In the meantime, he stressed, last year, a lot of media outlets published "hundreds" of pessimistic publications, claiming that the country would go on default by January 2023. In particular, Bukele mentioned an article by The New York Times, which published the narrative that El Salvador was unable to pay on its BTC bonds and would face a default.

He also provided links to several other articles, while claiming that there were a lot more out there than just that one.

Bukele stated that he called out The New York Times, but readers would rather believe international news outlets and their "economic geniuses."

Slamming all the forecasts that El Salvador would face a default, the president shared the news that they had just paid a $800 million Bitcoin bond. However, according to him, there is only one article in Spanish that has covered this important event so far.

Anthony Scaramucci Predicts Crypto Market Shift as Bitcoin (BTC) Dips in 2023

National Bitcoin Office of El Salvador

In November last year, El Salvador opened its National Bitcoin Office. The establishment is dealing with various strategies and initiatives of the country's government that involve the flagship cryptocurrency, Bitcoin. Besides, it is tasked with providing any information regarding Bitcoin and blockchain to the media.

The National Bitcoin Office was established by Decree No. 49 and signed by president Bukele and the country's minister of tourism.

At the time of this writing, Bitcoin is changing hands at $22,707, losing nearly 2% in the past 24 hours. Earlier this month, it had managed to rise by 39% since the start of the year.

Over the weekend, BTC managed to break above the $23,000 level, but it failed to fix there and go higher.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at