“They lie and lie and lie.”

If you say anything remotely untrue on Twitter, you’ll likely get hounded by an over-scrupulous pack of Tweeters.

As the internet goes, Twitter is the only thing close to being a reliable source of information because you can hear it straight from the horse’s mouth.

Nayib Bukele is a Maverick and self-professed CEO of El Salvador.

He also Tweets obsessively about Bitcoin.

He once changed his Twitter bio to “The World’s Coolest Dictator”. Now you see, it’s not just my catchy headline.

Bukele’s image resembles a cartel boss, with a wardrobe consisting of skinny jeans, baseball caps and aviator sunglasses.

Despite being the most un-presidential government official of all time, he’s gained popularity, winning the election by waging war against the country’s violent crime rates.

In a speech to 1,450 newly trained soldiers, President Bukele warned that if gang members outside prison continued to engage in criminal activity, he would deny food to those incarcerated.

Bukele is criticised for his outlandish political approach, mainly from international human rights groups.

In the same speech to the newly trained soldiers, he criticised the international community, specifically human rights non-governmental organisations.

Nayeb Bukele — Source

“Not saying anything when these criminals killed tens of thousands of Salvadoran men and women, but they leapt at attention when we began to arrest them, saying that we are violating their rights.”

You’d think he’d have hit media headlines for reducing the country’s homicide rates, primarily by cutting deals with local gangs.

But no.

He made one of the bravest economic decisions by adopting Bitcoin as a legal tender in 2021.

You could say more crazy than brave.

His decision drew criticism from the IMF (International Monetary Fund), who almost begged him to reverse making Bitcoin a legal tender, saying they were concerned about how it would affect the general population and the country’s financial Stability.

Bukele refused, and to date, El Salvador has invested more than $106 million in Bitcoin.

In February 2022, Flitch Ratings lowered the credit score for El Salvador from B to CCC. It happened because they anticipated that El Salvador would fail to repay the $800 million Eurobond loan due.

El Salvador managed to pay the loan in full and with interest. So in true Bukele fashion, he took to Twitter to tell everyone and punch western media outlets in the guts with a series of Tweets.

Buckle up and strap yourself in — these are box office.

Tweet 1.

Nayeeb Bukele — Source

In the past year, almost every legacy international news outlet said that because of our “#Bitcoin bet”, El Salvador would default on its debt by January 2023 (since we had an 800 million dollar bond maturing today).

Literally, hundreds of articles (Bukele links a Bunch to his Twitter)

Tweet — 2.

They all said that without striking an IMF deal, we were going to be unable to pay our 2023 bond because of our “#Bitcoin losses”.

I have the receipts…(New York Times Article Linked)

Nayib Bukele, from his Twitter account, then re-tweets his own tweet from July 2022, commenting on The New York Times’ coverage of the country’s economic situation.

Tweet 3.

Full-page spreads on the @nytimes 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”?

Tweet 4.

Well, we just paid in full, 800 million dollars plus interest. But, of course, almost nobody is covering the story. I just found one, yes ONE, in spanish, from Colombia

They lie and lie and lie, and when their lies are exposed, they go on silence mode.

Economists Aren’t Buying It.

Steve Hanke is a highly skilled professor who teaches currencies at a university in Baltimore. He was a top economist for President Reagan and advised other countries’ leaders on managing their currencies.

Hanke thinks Bukele’s gone mad.

He’s saying that introducing Bitcoin in El Salvador will likely cause their economy to become unstable and experience high inflation like other countries in Latin America.

Hanke says Stability is essential because everything else becomes meaningless without it. He also says it would be crazy to use Bitcoin in a place with corruption.

Steve Hanke — Source

“El Salvador now has the most distressed sovereign debt in the world, and it’s because of the Bitcoin folly. The markets think that Bukele’s gone mad, and he has.

You’d have to be insane to introduce Bitcoin into an already corrupt environment.

In El Salvador’s current situation, if you introduce a new coin, you will end up with Latin American-type inflation and more ups and downs in the economy.

In short, you will destabilise the economy. And while Stability might not be everything, everything is nothing without Stability.”

Hanke, on his Twitter, replied to a similar article that Bukele had responded to – requesting the news outlet to apologise.

Hanke had an entirely different view. He felt the reports validated his stance on El Salvador’s Bitcoin adoption.

Steve Hanke — Source

As I predicted, El Salvador Pres.

@nayibbukele’s Bitcoin Law has been an unmitigated disaster. Salvadorans refuse to use Bitcoin as a medium of exchange — or for remittances.

If that wasn’t bad enough, El Salvador’s sovereign bonds are now “junk.”

According to a Bukele’s payment of the $800 million loan and a handful of Salvadoran Twitter users, this isn’t true. At all.

Twitter User (Henry Medrano) — Source

What Salvadorans are you asking?

I use it all the time for remittances. I paid my groceries with Bitcoin today.

Stay out of our business, no one is asking you for opinions.

Final Thoughts.

At this point, Nayib Bukele isn’t interested in anyone’s opinion.

He announced you guessed it, on his Twitter that El Salvador would be buying one Bitcoin a day, every day, for the foreseeable future.

Most of El Salvador’s 106 million dollar investment into Bitcoin is down by 60%, but Bukele has insisted on continuing to buy the dip.

El Salvador holds 2,381 Bitcoin at a cost price of $43,357, according to data from Buy Bitcoin Worldwide.

There is no on-chain record confirming the Bitcoin president’s purchases so the information is off the back of Bukele’s Tweets.

“they lie, and lie, and lie” might be the words that go down in history if this unconventional president’s investment into the world’s most popular Digital currency pays off.

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This article is for informational purposes only; it should not be considered financial, tax or legal advice. You can consult a financial professional before making any significant financial decisions.