El Salvador’s Pro Bitcoin President Condemns World Federal Reserves

• President Bukele criticized the world’s monetary authorities for unfavorable economic policies.
• He claims monetary authorities only rob ordinary citizens of their wealth and savings.
• Previously, Bukele attacked an economic professor for his prediction turning false.

Nayib Bukele, the Bitcoin-lover president of El Salvador, has criticized the world’s monetary authorities for their supposedly unfavorable economic policies.

In an interview with FOX news today, Bukele said there is nothing federal about Federal Reserves, claiming that monetary authorities only rob the ordinary citizens of their wealth and savings by printing more money into the economy. Samson Mow, the Chinese CEO of Pixelmatic, who tweeted a part of the interview, added that Bitcoin fixes the economic failures of the federal authorities.

President Bukele and Mow have a long history of battering Bitcoin skeptics and federal agencies in their attempts to push for cryptocurrency adoption worldwide. Early this month, the El Salvadorian president made a laughing stock out of the economic professor of Johns Hopkins University, Steve Hanke, after Hanke’s bad prediction of Bitcoin City turned out false.

Hanke had claimed in January this year that El Salvador suffers an enormous energy deficit since it imported 22% of its electricity use, and by implication, building a Bitcoin city was a mirage. Ten months later, Forbes published a finding that “El Salvador went from being an energy importing country to exporting $33 million between January and August of this 2022.”

Bukele quote-tweeted the news story, calling Hanke a fake economist and a henchman of the banks.

However, the claim that El Salvador had an energy deficit was inaccurate as available evidence proved that the country’s maximum energy consumption was 1,030 megawatts (MW), and the installed capacity could generate 2,065.79 MW.