El Salvador President Nayib Bukele Accused U.S. Central Bank! Here’s What He Has To Say

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The President of El Salvador, Nayib Bukele, was interviewed by Fox News yesterday. Among the issues he discussed was Bitcoin and the rotting of the cities in the United States, where he argued that the once beautiful towns have now become wastelands. “Cities are rotting so fast, and it is by design,” he exclaimed. 

In the interview, he said that he could not live in the main cities of the U.S because the Central Bank is generating more problems by giving people money and drugs. By giving people money and drugs, the government is destroying the economy and society, argued El Salvador’s President. 

He highlighted the shortcomings of the U.S. Central Bank, stating that the enemies come from inside because they release money towards initiatives that cause more harm than good.

“The U.S. government is enacting solutions to the problems, but they end up creating more problems,”said El Salvador’s President. 

These sentiments have caused an uproar on Twitter, where angry Americans called him a hypocrite.

El Salvador and Bitcoin Adoption 

Many governments have condemned El Salvador for making bitcoin a currency since it is a developing country. President Nayib, on the other hand, blamed the U.S. central bank for raising the interest rates claiming that this is the reason behind the Bitcoin collapse.

The citizens of El Salvador have not embraced bitcoin even though the President encouraged them. The objective was to create employment and attract investors, but from the current statistics, the goal was not feasible.

At the time of legislation in late 2021, the price of Bitcoin traded around $45,000. El Salvador’s President has spent up to $107 million of the country’s revenue to buy Bitcoins, according to data derived from Nayib tracker. The prices skyrocketed in the first two months to a high of $69k but later took a turn for the worst. Currently, the price is at $20,446, down over 60 per cent from the ATH, according to data from Coinmarketcap. 

The losses can partially be attributed to the covid pandemic, which increased interest rates at the federal reserves and central banks. OtherBitcoin price among other crypto assets have shown high correlations with the stock market among other macroeconomic aspects.

After El Salvador’s President was unsuccessful in his attempts to get further funding from cryptocurrency investors, the usage of BTC among Salvadorans has plummeted, and the government is rapidly running out of cash.