Last year, many media/news reports said El Salvador was gonna default on their $800m sovereign debt because they adopted Bitcoin. Well, El Salvador just paid all of it back… and the same media now refuses to cover it.
Last year, every news paper and media house had people convinced that El Salvador is going to default on their sovereign debt, it was only a matter of time. Rating agencies cut El Salvador’s ratings, these media houses put out timely reminders that El Salvador was bankrupt.[NYT: Bitcoin moved the nation close to default](https://preview.redd.it/wy99227gs0ea1.jpg?width=1514&format=pjpg&auto=webp&v=enabled&s=8991c065bb439f771f957f1ef1826cb1cb9d8bf1)
This was called out by President Bukele at that time too, that NYT devoted a full page to El Salvador when they have never turned their attention to a small and poor nation ever before.[Bukele in July 2022: \”Since when the unytimes 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? ](https://preview.redd.it/jizz8x26u0ea1.jpg?width=1310&format=pjpg&auto=webp&v=enabled&s=2bf9381a4bd331de1ab947aa1a7a6b5d232e9c70) [Full page NYT article \”poor country closer to default\”](https://preview.redd.it/pt98a4kts0ea1.jpg?width=1152&format=pjpg&auto=webp&v=enabled&s=092758372769da77b55ce6fcbca0c41cecac2445)
Not just NYT, Washington Post too and many others joined in.[So many articles that El Salvador is broke and about to default….](https://preview.redd.it/98xxc5nys0ea1.jpg?width=1708&format=pjpg&auto=webp&v=enabled&s=c10a399162bc6e41efb3ce27dec1beb08d8e2895)
Well what do you know, El Salvador just repaid their debt yesterday.[https://www.coindesk.com/policy/2023/01/24/el-salvador-pays-back-800m-maturing-bond-president-nayib-bukele-says/](https://www.coindesk.com/policy/2023/01/24/el-salvador-pays-back-800m-maturing-bond-president-nayib-bukele-says/)
Lets look at how the same media is covering this…
Wait, they arent covering it.[Not a single article in the NYT about it….](https://preview.redd.it/3hvu7k99t0ea1.jpg?width=1830&format=pjpg&auto=webp&v=enabled&s=46279cab40432de3c2f9aee31883a3b400ea7c66)
President Bukele has gone scorched earth on the double standards of the media: [https://twitter.com/nayibbukele/status/1617695406812721156](https://twitter.com/nayibbukele/status/1617695406812721156)
>Full page spreads on the nytimes and all, creating the narrative that El Salvador was broke and going to default. I called them out at the time, but of course, who was going to believe us and not every international news outlet and their “economic geniuses”?
>Well, we just paid in full, 800 million dollars plus interest. But of course, almost nobody is covering the story.
>They lie and lie and lie, and when their lies are exposed, they go on silence mode.
Credit for this post goes to this user:
Reading important news from my country in Reddit, that’s awesome
In any case, the amount of money El Salvador invested in Bitcoin is very small for a country pockets. Even if it goes down in value the country can continue to work.
You dropped your tin hat.
Bloomberg covered the repayment – which by the way is not the big win you seem to think it is. They had to borrow to make the repayment and buy back their own bonds.
Not anti BTC but you need to quit the conspiracy bull
Suck it, IMF.
That makes sense because much of the mainstream media is owned and operated by the same Oligarchy which owns and operates the Federal Reserve and other central banks.
Bad news has always been more popular. They don’t want to see success stories from crypto
Coverage of this would spur mass adoption in other countries and slowly take power and influence out of the hands of centralized leadership globally. The irony is that they are using that same control to keep this quiet.
I thought el Salvador DCA was about 30k, meaning that he is at a loss. What does this has to do with Bitcoin?
I’m so bored with the El Salvador pupusa sucking. Wake me up when something substantial happens.
Fuck the mainstream media and fuck Bukele.
I’m not ever going to use bitcoin to promote government or people in power.
Let’s not kiss anyone’s ass because they’re long bitcoin. He’s still a head of state and deserves a ton of scrutiny.
Is that what the US government is doing by holding 214,000 bitcoin right now? Are they going to hold them till they pay off some of the debt it owes? If so, it’s a damn good plan
Much Respect to El Salvador 🇸🇻 🙌🏾 🙏🏿 👏🏾 👌🏽…
Kudos to El Salvador 🇸🇻
Know people there and it’s working out well for them. Better than their old economy.
I dont know why but i dont want to believe that it crypto saved el salvador.
the media has their narrative and they are sticking to it…..
Wow, it’s almost like the media only focuses on negative stories about small and poor countries, and then conveniently forgets to report on positive developments. Who would have thought? I mean, it’s not like the media has a history of sensationalizing and exaggerating news stories or anything…
But seriously, kudos to El Salvador for paying back their debt on time and proving the naysayers wrong. Too bad the media won’t give them the credit they deserve. I guess they’re too busy scrambling to find the next “poor country on the brink of default” story to cover.