Welcome to Bloomberg Crypto, our twice-weeklylook at Bitcoin, blockchainand more.If someone forwarded this to you,sign up here. In todays edition,Michael McDonaldchecks in on El Salvadors Bitcoin experiment:
If theres one world leader hoping for a Bitcoin price surge, its El SalvadorPresident Nayib Bukele. His government is currently down about 35%, nearly $40 million, on the 2,301 Bitcoinhe has bought with public funds since making it legal tender last year. The nations finance minister said Bitcoins price dip has even scared away potential buyers of a planned $1 billion Bitcoin-backed bond. Worse yet, the gambit seems to have cost his administration a much-needed program with the International Monetary Fund, which urged him to drop his crypto push. The ratings agencies arent impressed either and have downgraded the nation deep into junk territory. Its dollar bonds are trading at record lows.
The rest is here:
El Salvador Is Losing on Bitcoin (BTC), But President Bukele Says It's 'Cool' - Bloomberg
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