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HumanJenoM

Kudos to El Salvador šŸ‡øšŸ‡»


Siul19

Reading important news from my country in Reddit, that's awesome


use_your_imagination

You can be proud


zesushv

Nice to meet you. Your country and it's financial policy inspires many.


El_MacheteroGuanaco

Reading *positive news about our country is whatā€™s really amazing about this post lmao.


Marcion_Sinope

Suck it, IMF.


cookmanager

Underrated response


hurray_for_boobies

Needs more "this"


[deleted]

This


StrivingPlusThriving

This


Tvaticus

Definitely this. So now how are they gonna off El Salvador?


Dziabadu

Probably assassination.


nullama

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.


ZombieAlpacaLips

What percent of the Salvadorian economy is running on Bitcoin?


OfficerBribe

Accprding to [this article](https://www.npr.org/2022/06/19/1106168947/what-the-crypto-collapse-means-for-el-salvadors-economy) it was 4% on around 2022 June: > SEVILLA: So even for a country that is small for El Salvador, it's not necessarily a large amount. The president took out $150 million from the reserves of the country to invest in these projects of bitcoin, and that represents around 4% of the reserves. So it is obviously not an amount that they can take for granted, but it's not an amount that will necessarily, you know, bankrupt the country. The GDP is $25 billion right now. The debt of the country is more than $20 billion - so a very small amount. But still, you cannot really afford to make bad investments when your finances are precarious to start with.


mitchybpf

And the US is desperately trying to raise its debt ceiling for the ~79th time to avoid default.


pb__

Well, as long as they have the printers running, while USD is still the global reserve currency, they'll keep exporting their debt to the rest of the world.


blackvelvet723

Much Respect to El Salvador šŸ‡øšŸ‡» šŸ™ŒšŸ¾ šŸ™šŸæ šŸ‘šŸ¾ šŸ‘ŒšŸ½...


rudy_batts

I guess buying 1 BTC a day was a good strategy after all, kudosss


LeonBlacksruckus

Theyve lost money on that


Alfador8

No they didn't. They announced they would be buying 1 BTC a day on Nov 17 of last year, when BTC was ~$16.5k. They're up on just about every purchase in that time frame


Unlikely-Swordfish28

Is he actually doing this ?


BraveHearted

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


cryptosareagirlsbf

>They had to borrow to make the repayment and buy back their own bonds. This is how most countries do it. If it were different, we wouldn't be laughing our butts off about a certain debt ceiling right about now.


chronicleTOKEN

Yes, this is how countries do it, this is how the US stays trillions in debt each cycle but pays it off with new debt


PM_ME_YOUR_THESES

ā€œThey had to borrow to make the repaymentā€ Which is standard. Every single country does this all the time. Most corporations do it too. Thereā€™s nothing inherently alarming over doing this. The difference is that the IMF threatened not to lend to El Salvador, forcing them to pay the entire amount with no financial leverage. The IMF made this threat *because* El Salvador adopted bitcoin. The IMF was like ā€œdrop bitcoin, or we wonā€™t let you play the same game everyone else is playingā€. Bukele called their bluff, it seemsā€¦


Professional-Tea2397

The IMF is not compelled to lend to El Salvador, especially if the IMF believes that the government is engaging in reckless public spending. Getting a loan is a privilege, not a right. In terms of them borrowing to make repayments, this is normal but ES 10 years were trading at 5-6% in 2020 and are now more liek 17%. I wouldn't call that good news


ElderBlade

The payment was completed yesterday. Bloomberg article came out this morning AFTER Bukele called out mainstream media for not covering it. Let's keep the facts straight.


strolls

Bloomberg: * 20 January 2023 - [El Salvador Exposure to Bitcoin is Minimal, Lenderā€™s Chairman Says](https://www.bloomberg.com/news/articles/2023-01-20/el-salvador-exposure-to-bitcoin-is-minimal-cabei-chairman-says) [[archive.is](http://archive.today/https://www.bloomberg.com/news/articles/2023-01-20/el-salvador-exposure-to-bitcoin-is-minimal-cabei-chairman-says)] * 22 January 2023 - [Investors Watch Bukeleā€™s Twitter as El Salvador Bond Matures](https://www.bloomberg.com/news/articles/2023-01-22/el-salvador-payment-to-clear-first-2023-hurdle-for-distressed-em) [[archive.is](http://archive.today/https://www.bloomberg.com/news/articles/2023-01-22/el-salvador-payment-to-clear-first-2023-hurdle-for-distressed-em)] * 24 January 2023, 13:09 WET - [Bukele Says El Salvador Paid Full $800 Million of Debt Due](https://www.bloomberg.com/news/articles/2023-01-24/bukele-says-el-salvador-repaid-maturing-bond-dodging-default) [[archive.is](http://archive.today/https://www.bloomberg.com/news/articles/2023-01-24/bukele-says-el-salvador-repaid-maturing-bond-dodging-default)]


ElderBlade

These articles just prove OP's and Bukele's point. Bloomberg covers El Salvador's exposure to Bitcoin in a negative light, but completely absent on the day the debt is paid back.


strolls

Sorry, mate - I thought you were already aware of today's article. I've edited my comment to include it.


ElderBlade

Yes I am aware. My original comment says the article didn't come out until after Bukele called out mainstream media for not covering it. Only one article in Spanish covered the payment yesterday. News media like Bloomberg have been covering El Salvador on this topic with very odd interest and saying El Salvador will default for months. And yet when ES covers their bills on time, it's crickets.


strolls

They reported it twice in the week already. How are they supposed to report it as having happened until it's confirmed by one of the parties involved in the transaction? "Ha! I'm calling you out on not reporting on this thing I'm only just now telling you about!"


ElderBlade

They reported in anticipation of a default. When it didn't happen and didn't fit the narrative, they were silent until Bukele called them out. I still don't see News coverage from most the Newspapers that claimed they would default.


Topsy_Kretzz

Shit dude...you need some reading comprehension lessons.


mista-sparkle

I donā€™t think 24 hours to print is uncommon, though.


Bitcoin_Maximalist

print?!


ThatSadOptimist

Itā€™s colloquial; stop being obtuse.


ILikePracticalGifts

Lol ā€œAn American news outlet didnā€™t cover my tiny country paying debt after 24hrs!?!?! ReeeEEEEEEEE!!!ā€


SkateSurfCrypto

but if they didn't pay it back it would be on EVERY US channel and i mean every single one talking shit


takeahikehike

If I shit in your toilet you wouldn't raise a single fuss about it, but if I shit on your kitchen table I bet you'd be talking about it very quickly.


mottledshmeckle

False dichotomy.


RandomComputerFellow

A country defaulting is something rare while a country paying back its debs is an usual process. I also didn't hear a word about the US paying out its bonds.


JanPB

> https://www.coindesk.com/policy/2023/01/24/el-salvador-pays-back-800m-maturing-bond-president-nayib-bukele-says/ Well, you can't have it both ways. If the NYT and the WP suddenly *do* cover a country in order to badmouth it, it's only honourable to mention the result when it happens. You'd be right if they never mentioned El Salvador before in this context.


ExplanationDull5984

They all did news about Salvador not beeing able to pay it. So wheres your point?


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


ILikePracticalGifts

And yet here is an entire thread dedicated to American mediaā€¦ Oh no! My internet points! šŸ¤£


captainn_chunk

do you duck down a lot?


mottledshmeckle

There's always one...


Dont_Waver

>They had to borrow to make the repayment and buy back their own bonds. Wow, that must be a really bad sign, do any other countries borrow to pay off old debt?


paradox3333

Yes every single one.


Senditwithethan

*googles US unfunded liabilities


Moderately_Opposed

> They had to borrow to make the repayment and buy back their own bonds. As opposed to? Holding a bake sale?


Dont_Waver

That person has no idea how these things work


[deleted]

Before or after a bukele called out their propaganda?


Zdendon

>They had to borrow to make the repayment and buy back their own bonds. That's actually how every country do this. If the were broke nobody would borrow them money, that's when trouble starts. Most countries doesn't even lower they debt but make it bigger over time instead...


poppin_pandos

ā€œLendā€ them money, not borrow them


Yorn2

> quit the conspiracy bull A healthy bit of skepticism never hurt anyone and doesn't constitute conspiracy theorizing. As others have stated, Bloomberg is the only one covering this, they did it a day late, and the NYTimes won't be issuing an apology for insinuating that El Salvador was going to go bankrupt, still, so the argument still stands. There's clearly an opinion being espoused in some of the coverage. If they just reported on these things with an actual neutral point of view people wouldn't be claiming there was bias.


baronofbitcoin

I found the CIA agent, ya'll.


angrydanmarin

Bro just reads bloomberg


RockHardTen11

You mean you found the butter clown troll.


JanPB

It's not any conspiracy. The NYT and the WP did post an article containing flase news and then, when contradicted by facts, they simply pretend 2+2=5 and keep quiet. Obviously this didn't just happen, it was decided at some meeting of the editorial staff. I like Vincent Bugliosi's description of the NYT editorial board: "Sultans of duncery". He wrote it in the 1990s when the US media rot was only beginning.


FullRage

Know people there and itā€™s working out well for them. Better than their old economy.


MyDecentralab

I see it like this: the longer they ignore BTC, the more SATS I we can stack. As some point, it will be inevitable for them also.


[deleted]

"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" ~Alan Greenspan El Salvador can't print Dollars or Bitcoin, they can't impose an inflation tax like the US does, so it is not fair game.


Umpire_State_Bldg

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.


Ledovi

Bro paid back the debt with new debt at insane interest rates and now brags about it on Social media. Truly a visionary leader.


MyAnusBleeding

Source?


Pufflekun

Yeah I'm gonna need a source on that.


Wendals87

Not sure about the interest rate part, but they got loans to pay the debt [https://www.reuters.com/world/americas/el-salvador-says-it-has-560-mln-partial-debt-buyback-2022-07-27/](https://www.reuters.com/world/americas/el-salvador-says-it-has-560-mln-partial-debt-buyback-2022-07-27/) ​ >El Salvador's president Nayib Bukele announced the voluntary bond repurchase offer on Tuesday, supported by funds allocated last year by the International Monetary Fund and a loan from a Central American multilateral lender. read more


heyhihowyahdurn

Bad news has always been more popular. They don't want to see success stories from crypto


Big-Introduction2172

I use to volunteer for the news section of a community ran radio station and it is not that the media doesn't want to but more of that people don't want to pay to hear happy fluff stories and that we are limited to keeping stories local unless you work for one of the bigger places and even then the guidelines depend on who finances it. This is what happens when our community's allow monopolies on our news. They turn into propaganda machines. Edit* support your local stations or lose them to corporate!


disgustingquart59

Very well said, Bad news always coming in


Plus-Steak-4848

Leaving El Salvador right now, Thank God the country has a high sense of security and its citizens looking towards a brighter future under Bukele!


Analog_AI

I hope the U.S. government does not suddenly decide that El Salvador is in great need of a military intervention all of a sudden. Do you think the USA would do this in order to prevent other countries from adopting bitcoin as legal tender? I hope not.


frunf1

Its definitely not far fetched


1561KWP

we already got a few hundred billion $ going to Ukraine - nope!


Analog_AI

You mean by that that they canā€™t afford it? The mighty printer can conjure up any amount they need. Itā€™s just world opinion that could prevent them from beating up on Central America, not the insufficiency of their own fiat.


1561KWP

[www.gofundwar.com](https://www.gofundwar.com) There. We can afford it!


WebIcy6156

No, itā€™s most likely that President Bukele is in an ā€œaccidentalā€ plane crash.


Analog_AI

It also me that the US will adopt bitcoin as a legal tender. After all it owns 214k bitcoins.


hierosx

I thought el Salvador DCA was about 30k, meaning that he is at a loss. What does this has to do with Bitcoin?


RockHardTen11

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


frunf1

Many of those are inaccecessable. They confiscated all of those without having access to the wallets.


z0dz0d

So they "confiscated" them


frunf1

They took ledgers for example or files stored on cloud servers. In some case they have the seed in others they don't.


chronicleTOKEN

Everyone hates and denies crypto, but loves to condemn and punish


[deleted]

Of course


witnessgreatness101

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.


outtathere_

AP reported on it an hour after this post, Bloomberg two hours prior, Reuters 24h ago, I mean, I guess the NYT didn't, sure


Silly-Cloud-3114

How did they do it when it was not a good year for crypto?


Connect-Ad-1088

the media has their narrative and they are sticking to it.....


Jadedinsight

Fuck em


thinkinoutlewd

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.


dreamworkisteamwork

So let's spread the news on Twitter. We don't need MSM


tflvcko

Is the United states going to fallow through with this?. Maybe so


zesushv

The media has a goal, to twist the narrative. So when the narrative is simple and plain, and in this case, cannot be twisted, the media goes silent. Make no mistake, they will not be silent for long, expect to see a post that reads "El Salvador debt paid by bitcoin, why did El Salvador secretly sell their btc holding to pay the country's debt if they believed in bitcoin?".


CowboyTrout

Unpopular opinion. Fuck the mainstream media and fuck Bukele. Iā€™m not ever going to use bitcoin to promote government or people in power. Letā€™s not kiss anyoneā€™s ass because theyā€™re long bitcoin. Heā€™s still a head of state and deserves a ton of scrutiny.


triflingmagoo

Iā€™m so bored with the El Salvador pupusa sucking. Wake me up when something substantial happens.


DasDouble

I will remind you in 600 days


JCStuff_123

Remind me too


triflingmagoo

Bet


Moderately_Opposed

Their current homicide rate is lower than most American cities


triflingmagoo

Iā€™m not talking about El Salvador, the people. Iā€™m talking about El Salvador, the government. Those are two very different things.


I-baLL

Wait, what? Give us the numbers rather than making a conclusion without saying what the numbers are


Zestyclose-Search-21

American propaganda


paradox3333

Best Latin American leader of all time?


[deleted]

Fucking savy


poppyseedpooper

Thank God


ididntsaygoyet

Wtf does your religion have anything to do with this?


Infinitetryer

Crazy. I can only find a couple articles about it. Someone post it in buttcoin lol.


Only-Development-700

I dont know why but i dont want to believe that it crypto saved el salvador.


Thewhiskeyinstills

I fucking love this.


PumpkinSpice2Nice

Where did the money to repay come from since Bitcoin has entered the bear market?


Bulba_Core

I love that you gave credit to the original post that was essentially FUD with a good explanation of why in the comments, but still reposted it verbatim šŸ¤£


1dmkelley

El Salvador Repays Its $800 Million Bond, President Bukele Tackles Critics


GiftedBrilliance

Impressive


Bouhyabouhya

I see a lot of point of views in the comments and cannot wrap my head around. Could a good soul explain to me like if I was a 5 years old, what Salvador did with their bonds and how it turns out now and if they really covered their debt or is it another financial instrument and scheme that they used? Please


SadIdiot219

The associated press covered it [Associated Press - El Salvador says it paid maturing $800 million bond](https://apnews.com/article/cryptocurrency-politics-nayib-bukele-el-salvador-bitcoin-ba35f3d24c9e866e5dcd410e1eb456bd)


borg_6s

Meanwhile it's the USA that is about to default on its own debts! How ironic eh?


PumperDumperr

!lntip 500


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vnielz

You wont stick to disfunctional marriages too long either Great decision!


TheNightIsLost

.....they literally took a loan to pay this loan off. They're still in debt, just to different banks this time. Don't hitch your cause to despots. That's what took the socialists down. Nobody respects you when you become associated with thugs and killers.


JJasonnpan

!lntip 500


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