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Salvadoran President Nayib Bukele targets bitcoin critics, says those who fear ‘the world’s powerful elite’ – Bitcoin News

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It has been more than a year since El Salvador legalized bitcoin in the Latin American country, and with the advent of the “orange pill,” the country has been pushed into the international spotlight. At the end of September, 41-year-old Salvadoran President Neb Bukele wrote an op-ed targeting critics who think it was a wrong decision, those who think it was a good decision but for the wrong reasons, and opponents. who “fear our decision”.

Op-ed Neb Bokhel urges people to ‘stop drinking elite Kool Aid’

According to the Salvadoran president Neb BokelIf the bitcoin experiment in which his country is involved is successful, a large number of other countries around the world will follow in the footsteps of the Latin American country. Bukele said this in a recently drafted op-ed entitled “Stop drinking elite Kool Aid”published September 30, 2022 in English and Spanish. In the editorial, Bukele critiques three camps of critics and believes that most of them are simply afraid of El Salvador’s innovative decisions.

“The most vocal critics, those who fear and pressure us to reverse our decision, are the world’s powerful elites and the people who work for or benefit from them,” Bukele explains in his article. “They owned everything, and in a way they still own it; the media, the banks, the NGOs, the international organizations, almost all the governments and companies of the world.”

Bukele also denied the numerous headlines published by the media such as “Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, Guardian, New York Times and Washington Post” claiming that “the entire economy of the country has been destroyed with a loss of 50 million dollar “. The Salvadoran president says the allegations are nonsense, mostly because the country has not sold a single bitcoin since it began acquiring stockpiles of bitcoin. BTC.

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Bukele’s editorial insists: “So the argument that we lost $50 million worth of bitcoin is wrong, simply because we didn’t sell any bitcoin.” “And even if we accept this argument as valid, it would be absurd to conclude that an economy worth $28 billion annually would go bankrupt or default on a 0.2% “loss” in one year, whereas in 2021 the economy grew 10.3% Or $4 billion. That’s using IMF figures.”

And Bukele’s opinion piece adds:

In 2021, our GDP increased by 10.3%, income from tourism increased by 52%, employment increased by 7%, new companies increased by 12%, exports increased by 17%, power generation increased by 19%, and energy exports increased by 3291%, and Internal Revenue decreased by 37%, all without raising any taxes. And this year, the crime and murder rate has fallen by 95%.

President Says “El Salvador Is Bitcoin Adoption Hub”

The Salvadoran bureaucrat stated that he understands that Bitcoin is a very big experiment and thinks it is absurd to claim that the country has already failed. His recent comments are similar to those of the inventor of Bitcoin, when Satoshi said: “I am sure that in 20 years there will be either a very large transaction volume or no volume.” Similarly, El Salvador has joined the great experiment and time will tell whether the Latin American country’s bet will succeed or fail. If successful, Bukele’s editorial confirms that many countries will follow El Salvador’s lead.

“El Salvador is the epicenter of bitcoin adoption, hence economic freedom, financial sovereignty, resistance to censorship, uncustodial wealth, the end of kingmakers, their printing, devaluation and reallocation of majority wealth to interest groups, elites, oligarchs, oligarchy, and those in the shadows behind, pulling their leads,” Bukele’s article concludes. If El Salvador is successful, many countries will follow. If El Salvador somehow fails, which we reject, no country will follow.”

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What do you think of the last opinion editorial of Salvadoran President Najib Bukele? Tell us what you think about it in the comments section below.

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Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Sam Bankman-Fried is dealing with an $8 billion balance sheet deficit

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The entire cryptocurrency market suffered multiple losses and asset depreciation after the collapse of Sam Bankman Fried cryptocurrency exchange FTX. Additionally, cryptocurrencies exposed to FTX have had their fair share of bitter pills.

Investigations were underway to locate the $8 billion hole in FTX’s balance sheet, which caused the liquidity crisis.

FTX’s balance sheet deficit continued to grow. The company initially announced only $2 billion and later said it was $5 billion. The hole has now grown to more than $8 billion.

In a recent interview with Bloomberg, Sam Bankman-Fried (SBF), the former CEO of FTX, revealed the whereabouts of the funds. The SBF said it showed investors a separate balance sheet in an emergency bailout.

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According to the ReportSBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in liquid assets. The report also mentioned $3.2 billion in illiquid assets.

Sam Bankman-Fried reveals conflicting balance sheets

He disclosed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet carries similar numbers but $8 billion less in liquid assets. The SBF said it misquoted the numbers.

He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both companies.

After the SBF statement, FTX and Alameda Research had the highest cash flow, but Binance, the competitor, had the highest cost. He paid $2.5 billion net worth to buy Binance investments. The SBF also revealed that it spent $250 million on real estate and about $1.5 billion on other expenses.

About $4 billion and $1.5 billion went to venture capital investments to acquire other companies, while it miscalculated $1 billion.

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The report also stated that the SBF and the remaining staff had spent the previous weekend trying to raise money. The funds will fill the $8 billion hole in FTX’s balance sheet and reimburse clients.

The reason for the collapse of FTX: fraud or mismanagement?

Meanwhile, most people in the crypto space say that the FTX crisis is a scam, not a coincidence. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insist on He did not commit fraud. He claimed he was unaware of the extent of the damage and what was going on with FTX.

In an interview with The New York Times, the SBF blamed the collapse of the $32 billion exchange FTX on poor accounting and management failures. This comment sparked civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending client money to Alameda Research.

Cryptocurrency market records new gains | Source: Crypto Total Market Cap on TradingView.com

However, FTX’s new CEO, John Ray III, who is in charge of the company’s bankruptcy proceedings, expressed his disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, and condemned the SBF for its unacceptable management practices.

Featured image from Texas Tribune, chart from TradingView.com

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Everything Bubble: Markets at a Crossroads – Bitcoin Magazine

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Below is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine Premium Markets Newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Powell’s Speech and Contracting ISM PMI

We want to zoom out, revisit and analyze some of the latest data that came out this week, which will greatly influence the direction of the market over the next few months.

After Jerome Powell’s Brookings speech, markets are clearly chomping a bit to move higher with any possible pivot scenario and narrative from the Fed. There is over-hedging, short-squeezing, options market dynamics and forced buying. This goes beyond our experience to say exactly why markets explode with volatility at any given data point or Powell’s new speech. However, these types of events and market movements have almost always been a sign of unhealthy and growing volatility in bear markets. Despite more talk from Powell with nothing really new to say, the speech was seen by markets as “more dovish” with his comment about worrying about excessive rate hikes. However, if this is yet another bear market rally forming for the major indices, we’re apparently close to turning that high again.



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Price Analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Bitcoin and altcoins are starting to signal a possible trend change, but there are still a few downside risks.

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