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.

S2RHVNE5ZNFTHIJML6LPCTQEQI El Salvador is Likely to Default on Debt Payments as Bitcoin Bleeds
El Salvador is Likely to Default on Debt Payments as Bitcoin Bleeds 2

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