Holy fucking #BitcoinThat.
After years of media smears, lies and false narratives about Nayib Bukele, Bitcoin, and El Salvador, the man has just cleared off 800 million + interest on their public debt, which stands at 23.69 billion according to online records for 2021.
For those who don't know, some receipts:
Nayib Bukele's Golden Cage (La jaula de oro de Nayib Bukele) - The Washington Post
A Poor Country Made Bitcoin a National Currency. The Bet Isn’t Paying Off. - The New York Times
After the failure of Bitcoin, El Salvador wavers on the brink of a financial abyss while Nayib Bukele flirts with his re-election. (Tras el fracaso del Bitcoin, El Salvador tambalea ante un abismo financiero mientras Nayib Bukele coquetea con su reelección) - infobae
Nayib Bukele's Bitcoin adventure could leave El Salvador on the brink of default. (La aventura Bitcoin de Nayib Bukele puede dejar a El Salvador al borde del default) - infobae
And a very brief history of what has happened in El Salvador:
El Salvador officially adopted Bitcoin as legal tender. The move was made by the country's President, Nayib Bukele and was ratified by the Legislative Assembly of El Salvador on June 9th, 2021. The decision makes El Salvador the first country in the world to adopt Bitcoin as a legal currency. The government planned to create a "Bitcoin City" in the country which will be a technology hub and a hub for Bitcoin-related businesses.
The government also planned to accept Bitcoin for taxes and said ti would also encourage the use of Bitcoin for remittances. The adoption of Bitcoin is seen as a way to promote financial inclusion in the country.
Full Circle: So How Do You Make 800 million + interest go poof
That's how. The only news so far is from a Columbian news outlet, but here's a translation of that article (scroll down for link to original):
Contrary to what the media said, El Salvador fulfilled the payment of the bond with maturity 2023.
Despite skepticism shown by some national and international media, today the President of El Salvador, Nayib Bukele, fulfilled his promise. The country completed the transfer of funds and paid the investors holding the Eurobond with a maturity date of January 24, 2023. The amount was $800 million. However, SEMANA confirmed that after two early buyback operations in 2022, the bond was reduced to $604.1 million in capital and $23.4 million in interest.
According to sources from the Ministry of Finance of El Salvador consulted by this media, the Bukele government continues with its commitment and responsibility to fulfill its obligations, thus demonstrating its ability to pay in the capital markets, risk rating agencies and international organizations.
El Salvador continues to be a source of concern throughout the continent, as people closely follow the effective security strategy of President Nayib Bukele. The fight of his government against crime has been decisive and has yielded surprising results, to the point that more than 60,000 members of gangs have been jailed. All this after they spread terror for decades.
So Bitcion THAT buds! He's taking control BACK from the central banks. And what are we doing in the west? Blowing that bitch up to unseen levels.
Canada's Public Debt:
As of the moment I wrote this:
Oh, and be your own bank. Click on the Bull to learn more about Canada's (and the world's?) only exchange promoting self-custondianship.