• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets
The Telegraph, a telegraph station

Wholeheartedly Agreeing With The Telegraph’s Latest Attack On BTC In El Salvador

Eduardo Próspero by Eduardo Próspero
1 year ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Politics
0

The Telegraph’s latest hatchet job on El Salvador’s bitcoin strategy is right on the money. In a hilarious twist of events, mainstream media’s latest attack on the volcano bonds makes the case for bitcoin in all its glory. Everything that the article “The world should fear El Salvador’s bizarre Bitcoin experiment” implies is exactly the reason people should support El Salvador’s boldness.

Where is the disconnect, though? The Telegraph can explain that. Speaking about the possible effects of hyperbitcoinization, they say:

“It could certainly result in the panopticon being at least partially blinded. Your view on whether this might usher in a libertarian utopia or archaic free-for-all will largely depend on whether you think the US is a quasi-imperialistic bully or broadly a force for good.”

The funny thing is, The Telegraph admits that the US has abused the “exorbitant privilege” that the dollar’s status as the international reserve currency brings. And they even cherish it. What The Telegraph doesn’t do, though, is talk about inflation, and how the last few years’ rampant dollar printing hurts the whole world.

What Does The Telegraph Think About The Volcano Bond?

The author sets the stage for the article by describing the volcano bond launch. He uses derogatory language but gives a fair look at an admittedly ridiculous scene. “The central American country is poised to launch its first $1bn so-called “volcano bond” in the coming days,” The Telegraph says.

As early as this, we start agreeing with the article’s message. “Sovereign debt issuance is rarely this interesting.” And he’s right. It rarely is. Then, breaking all conventions, The Telegraph admits that the US uses the dollar as a weapon:

“The US dollar is, to all intents and purposes, the world’s currency of choice. It dominates global central banking reserves, trade finance and bank-to-bank payments and is used in some 88pc of all foreign exchange transactions.
This means the US Treasury can conscript foreign banks to do its bidding on pain of being shut out of the dollar clearing system, which no lender could survive.”

Somehow, The Telegraph doesn’t see “conscript foreign banks to do its bidding on pain of being shut out” as being malicious. We agree on everything else, though. And, to top it all off, the author beautifully states bitcoin’s value proposition:

“Cryptocurrencies are one means to undermine the power of the dollar. They allow online payments between two parties without the need for a financial intermediary. This opens the possibility of financial products and services that are accessible to all and controlled by none.”

Of course, “accessible to all and controlled by none” seems to be a bad thing for The Telegraph for some reason. Other than that, we’re in full agreement with this part of the article.

BTCUSD price chart for 03/23/2022 - TradingView

BTC price chart for 03/23/2022 on Bittrex | Source: BTC/USD on TradingView.com

An Attempt To Throw El Salvador Under The Bus

No hatchet job would be complete without an attack on El Salvador as a sovereign country. Here, we lose our connection to the author. He tries to imply that escaping the US dollar hegemony is somehow inherently bad. Doing it, he puts cryptocurrencies and other fiat currencies in the same bag.

“It also places the central American country in some slightly dubious company. India is said to be considering a rouble-rupee exchange that would allow it to buy oil from Russia on the cheap and Saudi Arabia is thinking about pricing some of its crude in yuan.”

Isn’t the author mixing his metaphors here? Wasn’t this a critique on bitcoin adoption? In any case, he is still bullish on a dying horse. “There is very little chance of the dollar losing its crown as the global currency of choice any time soon,” he predicts. Depending on what “any time soon” means to him, he might be right. The article’s closing remarks make it seem like The Telegraph is even more bullish on bitcoin:

“However, each new initiative like El Salvador’s bitcoin bond could chip away at the greenback’s supremacy a little, potentially making the world that bit harder to police and a touch more dangerous.”

Invest in Volcano Bonds ? and “make the world that bit harder to police”!#Bitcoin fixes colonialism! https://t.co/Iqr0mVvBAt

— Nayib Bukele (@nayibbukele) March 22, 2022

President Bukele, a social media expert in his own right, answered The Telegraph’s criticism without mercy. “Invest in Volcano Bonds and “make the world that bit harder to police”! Bitcoin fixes colonialism!” Enough said.

Featured image by Melody Ayres-Griffiths on Unsplash  | Charts by TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Related Posts

Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

31 mins ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

20 hours ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    6 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • 3 Top DeFi Cryptocurrencies for June 2023: Solana, Cardano...

    4 hours ago
  • TMS Network (TMSN) Illuminates The Crypto Scene, Outshining...

    4 hours ago
  • TMS Network (TMSN) Shines as Investors Shun Binance Coin...

    4 hours ago
  • Solana (SOL) and Optimism (OP) Holders Moving to TMS...

    5 hours ago
  • Sparklo (SPRK) Keeps The Trend, Tron (TRX) Sees Gains As...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.