Salvadoran President Nayib Bukele lashes out at bitcoin’s detractors and says those who are afraid “are the powerful elites of the world.”

In late September, Salvadoran President Nayib Bukele, 41, wrote an editorial attacking detractors who think it was a bad decision, those who think it was a good decision but for the wrong reasons, and opponents who “are afraid of our decision.“

Nayib Bukele’s editorial asks people to “stop drinking the elite’s Kool-Aid.”

According to the Salvadoran president Nayib Bukele if the bitcoin experiment in which his country is participating succeeds, many other countries around the world will follow in the footsteps of the Latin American country. This was stated by Nayib Bukele in a recent editorial entitled “Stop drinking the elite’s Kool-Aid” which was published on September 30, 2022 in English and Spanish. In this editorial, Bukele criticizes three camps of critics and believes that most of them are simply afraid of El Salvador’s innovative decisions.

“The most vocal detractors, those who are afraid and pressured to reverse our decision, are the world’s powerful elites and the people who work for them or benefit from them“, explains Nayib Bukele in his article. “They owned everything, and in a way they still do; the media, the banks, the NGOs, the international organizations, and almost every government and business in the world.“

Nayib Bukele also denies the numerous headlines published by media such as “Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times, and The Washington Post” which state that “the entire economy of the country was destroyed by a loss of $50 million.“The Salvadoran president says that these claims are baloney and are mostly explained by the fact that the country has not sold a single bitcoin since it began acquiring a 50 million reserve.

“So the argument that we lost $50 million in bitcoins is false, because we simply did not sell any bitcoins“, Bukele’s editorial insists. “And even if we were to accept this argument as true, then it would be ludicrous to conclude that a $28 billion a year economy will go bankrupt or default because of a 0.2% ‘loss’ in one year, when in 2021 our economy grew by 10.3%, or $4 billion.” And this is using the IMF’s own figures.“

The opinion piece by Nayib Bukele further adds:

In 2021, our GDP grew by 10.3%, tourism revenues grew by 52%, employment grew by 7%, new businesses grew by 12%, exports grew by 17%, energy production grew by 19%, energy exports grew by 3,291%, and internal revenue grew by 37%, all without raising taxes. And this year, the crime and murder rate dropped by 95%.

The president states that “El Salvador is the epicenter of bitcoin adoption“.

The Salvadoran bureaucrat clarifies that he understands that bitcoin is a very large-scale experiment and believes that it is absurd to claim that it has already failed. His recent statements are similar to those of bitcoin’s inventor, when Satoshi said, “I’m sure that in 20 years there will either be a very large volume of transactions or no volume at all.“Similarly, El Salvador has joined the grand experiment and time will tell if the Latin American country’s gamble succeeds or fails. If successful, Nayib Bukele’s editorial states that many countries will follow El Salvador’s example.

“El Salvador is the epicenter of the adoption of bitcoin, and thus of economic freedom, financial sovereignty, resistance to censorship, non-confiscable wealth, and the end of kingmakers, their printing, devaluation, and the reallocation of wealth from majorities to interest groups, elites, oligarchs, and those in the shadows behind them, pulling their strings“, concludes the article by Nayib Bukele. “If El Salvador succeeds, many countries will follow. If El Salvador fails in any way, which we refuse to do, no country will follow.“