El Salvador is Likely to Default on Debt Payments as Bitcoin Bleeds

– El-Salvador’s experiment in making bitcoin a legal tender has encountered a major hurdle in the form of a 50% drop in the value of bitcoin.

– This has caused concerns among investors about the country’s ability to meet its next debt payment.

– The IMF has encouraged the country to eliminate bitcoin as a legal tender because of the cryptocurrency’s volatility.

– However, Bukele has insisted on preserving it as legal tender.

– El Salvador’s credit rating has been lowered to the CCC category by Fitch and Moody’s due to the country’s deteriorating financial situation.

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