El Salvador is facing a real possibility of defaulting on its debt because of Bitcoin
Because of its Bitcoin gamble, El Salvador will likely fail to secure financing from the International Monetary Fund . The country is supposed to make its $800 million bond payment in January. Earlier this month, Moody’s downgraded El Salvador’s debt rating to “junk.”President Nayib Bukele, who calls himself the “the world’s coolest dictator,” hasn’t soured on Bitcoin despite being ridiculed for making the impoverished nation even poorer with his ill-timed buys.
Fernando Mejía, a graphic designer from San Salvador, told the Wall Street Journal that Bitcoin was actually causing more harm.
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