November 26, 2022

The American Press Vs. El Salvador: Forbes and Vice, Good Cop Bad Cop

3 min read

Did El Salvador’s Bitcoin story slow? Maybe. Nevertheless, Forbes and Vice are on the case. The press is still monitoring the circumstance and Bitcoinist is still monitoring the press. With that vibrant in mind, we put together the best and worse of the latest press coverage of El Salvador’s Bitcoin Law. You’ll be angered. You’ll be pleasantly shocked.

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What did the American Press say about El Salvador? Let’s discover.

Forbes Goes Didactic And Teaches History

The most wholesome article of the lot is Forbes’ “An Economic History Of El Salvador’s Adoption Of Bitcoin.” It goes back in time and teaches the reader about the various currencies that the Central American nation has utilized over the years. A recent significant milestone is the Dollarization of their economy, which “was a proactive choice that wasn’t driven by a crisis per say, however rather to juice the domestic economy.

Then, Forbes comes down to organization. Bitcoin appears and the world shakes:

When dollarization was proposed, the small size of El Salvador’s economy suggested that it got a passing enhance from the United States Treasury Secretary at the time (Lawrence Summers) and a neutral recognition from the Federal Reserve. Yet now that it is accepting bitcoin, a new standard, in similar method it walked around carrying out the United States dollar, it is drawing in the ire of all of the organizations dedicated to the global monetary system, from the World Bank to the IMF.

Even though Forbes seems to be on Bitcoins’ side, the tone of the article is among alarm. They’re stressed that the Dollar will lose its influence in the region. They think that El Salvador is getting rid of Dollarization in a round-about method. In any case, near completion, the article goes for the kill and makes a really poignant observation:

El Salvador’s adoption of bitcoin reveals the intersect of economics and politics, how domestic politics shape groups and people towards policy outcomes that can affect the world, and how Latin America has started to chip away at a monetary system that doesn’t work well for the region.

BTCUSD price chart for 07/28/2021

 BTC cost chart on Bitstampx|Source: BTC/USD on Vice Shows Its Real Colors

To the untrained eye, Vice’s pro-Bitcoin. However, they take the most horrible post award. Their “Crypto-Colonialists Use one of the most Vulnerable People on the planet as Guinea Pigs” is about some extremely questionable tasks doing extremely questionable things. It’s not about Bitcoin Beach. In truth, is not about Bitcoin at all. Nevertheless, the photo Vice uses for it is from El Zonte’s Hope House and they embedded this journalistic report that we already broke down.

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After making the general public psychologically associate Bitcoin Beach with the most scammy tasks that the world has ever seen, they finally discuss it:

This is where jobs like Bitcoin Beach end up being troublesome: private, pro-crypto foreign interests are testing an economic model by means of a non-profit organization in among the poorest countries in Central America. “The international community are using the most susceptible people as their guinea pigs,” states Howson. “Every time you invest money and walk around and use a taxi, whatever goes on a blockchain.”

Please note that Howson is not speaking about Bitcoin Beach particularly, however Vice integrated the quote there to make it seem that way. It’s likewise worth noting that “pro-crypto” and “pro-Bitcoin” are not synonyms, but Vice may really not know that. Whatever else, they did on function.

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