On June 25, CNBC published a totally contradictory article: «El Salvador’s $425 million bitcoin experiment isn’t saving the country’s finances», in which, in an attempt to describe the adoption of Bitcoin in El Salvador as «a failure», they ended up recognizing the benefit to the Salvadoran economy and a rebranding for the country.
Despite the discouraging and misleading heading of the article for anyone who defends freedom and seeks the truth above all things, the conclusion of this article is the incredible competitive advantage of El Salvador in the region, within the advertising field for the country’s brand and tourism.
The article captured the attention of the renowned economists Max Keiser and Stacy Herbert, and as part of their vocation to communicate the truth and reframe the headlines of the mass media, they explained what is really happening in El Salvador.
During episode 3 of Max & Stacy report, he said the following:
«The actual nuts and bolts of this story are talking about the incredible growth in El Salvador thanks to the adoption of bitcoin as a legal tender… They couldn’t ignore it [CNBC], they couldn’t pretend that it wasn’t true because numbers are numbers, and you need to put them into a story that includes all the numbers. The headline is false. It suggests that somehow things are not going well, but by the end of the article they actually say this is a genius stroke by President Bukele».
Stacy shared his analysis of the information presented near the end of that article.
«…About 5 million in Costa Rica, 6 million in El Salvador [population]. This economy [Salvadoran] is 29 million, Costa Rica 61 billion, so twice the size of GDP in Costa Rica. They have not had the problem of the gangs that were sent back from Los Angeles in 1994 to El Salvador.
So when you think of the fact that CNBC here is pointing out that Costa Rica itself, which does not have the gang problem, which does not have a US State Department warning against any travel to the country, they don’t have that to overcome , however they’re spending billions of dollars. El Salvador overcame all that: the State department warning, the gangs that were sent from Los Angeles, they had all, and yet despite that they spent only $100 and achieved a greater result». Stacy referring to that result as «the great rebranding».
Max and Stacy highlighted the fact that in support of the transformation process that El Salvador is going through, there is the presence, constant arrival, and integration of the best and brightest people, which is what will ultimately transform the economy. Stacy explained that the reason why El Salvador has had a bad economy for decades is the migration of its population. She emphasized the importance of receiving more people to the country for the improvement of the economy, «the more people return, not only the diaspora but other Bitcoiners we know and other industries» Stacy said.