The all-powerful media machine probably rolled into action the moment that El Salvador’s president Bukele came out and announced that his country would be looking to accept Bitcoin as a legal form of tender. Can El Salvador and its young president resist the media onslaught and the gigantic powers that are behind it?
Source: Euronews – Copywrite Marvin Recinos/AFP
A small country is going against the flow, is bucking the system, and drawing the ire of the International Monetary Fund, among others, upon itself.
The world watches and waits as 7 September looms closer. Little El Salvador deciding how its own financial system should run? Surely its government and president are aware that if you take on the might of the IMF, and by definition, the whole traditional monetary system, then things are not going to be made easy for you, to say the absolute least.
As the big dogs express their displeasure, the world’s media rolls into action. Images such as the one above give that perfect air of distaste and distrust. This will add fire to the bellies of those that are constantly told how Bitcoin and all the other cryptocurrencies are really only used by crooks and money launderers.
How dare El Salvador decide to use anything but the US dollar. A system, according to economist Steve Hanke, that is working perfectly well. The economist also puts his weight behind Western Union and Money Gram, stating that they are cheaper to send remittances than is Bitcoin.
Whether that is the case or not, both companies have sucked the poor overseas Latin American people dry over many years now with an appallingly unfair fee system. Bitcoin does not decide the fees, the market does, and anyway, there are far more competitive ways of using crypto to send value across borders.
We see in the press just how much the El Salvadorean people don’t want Bitcoin in their country. Polls have been carried out to corroborate this. According to an article in Euronews, a very small UCA poll found that 7 out of 10 El Salvadoreans think that the Bitcoin law should be repealed.
It’s quite enlightening though to see that this same poll finds that 7 out of 10 people do not “fully” understand what Bitcoin is, and only 4.8% could identify Bitcoin as a cryptocurrency.
The media machine seizes upon ridiculous polls such as this. The money needed to pay for stories highlighting such things, is as breadcrumbs to the powers that sit behind the wheel of the press machine.
No doubt the stories will intensify after Bitcoin becomes legal tender in El Salvador tomorrow. Even across a huge swathe of the crypto news platforms, anti-El Salvador stories are slavishly printed with little room for any counter argument.
Yes, Bukele has a long up-hill battle on his hands, and given the US and western meddling in Latin American countries over many decades, almost insurmountable barriers will be put in his way.
However, many people will be rooting for this brave man, and for the impoverished country that he leads. There are indeed many problems for Bitcoin adoption even when you put aside all the negative press, but the goal at the end of this is for a country to be able to choose its own monetary destiny, free from the bully boys that run the current debt-based fiat Ponzi scheme that we mistakenly call money.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.