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El Salvador buys more bitcoin after ratings agency downgrades its debt


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Timothy B. Lee
Bitcoin
Nayib Bukele
Alejandro Zelaya
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Central American
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The New York Times
SOURCE: https://arstechnica.com/tech-policy/2022/05/el-salvador-buys-more-bitcoin-after-ratings-agency-downgrades-its-debt/
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Summary

Most were bought at prices above $45,000, so this nation of 6 million people has lost tens of millions of dollars speculating on bitcoin.The government of El Salvador is heavily in debt and has an $800 million debt payment coming due in January. The Bukele administration reacted angrily, with Treasury Minister Alejandro Zelaya declaring that "no international organization is going to make us do anything, anything at all." Bitcoin's price has fallen by about 17 percent since the IMF made its recommendation.Bukele is also pushing forward with plans to construct a new "Bitcoin City" in the shadow of El Salvador's Conchagua volcano. El Salvador's finance minister said that the bonds would be introduced in September at the latest.But if El Salvador doesn't improve its financial position, it may become increasingly difficult to issue debt of any kind, since investors will be worried about the risk of an impending default.You must login or create an account to comment.Join the Ars Orbital Transmission mailing list to get weekly updates delivered to your inbox.

As said here by Timothy B. Lee