Crypto crash leaves El Salvador with no easy exit from worsening crisis

El Salvador’s big bet on bitcoin, which the Central American nation has been buying since September, has soured in recent weeks as a cryptocurrency rout shaved over a third of the value of the government’s holdings, Reuters calculations show.

Under populist President Nayib Bukele, a vocal cheerleader for the currency, El Salvador went all-in on bitcoin, not just becoming the world’s first country to adopt it as a legal tender but also sketching out plans for a volcano-powered crypto mining hub and plans to issue the first sovereign bond linked to the coin.

With global borrowing...


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Article automatically added to our system on Thursday, May 19, 2022

Crypto crash leaves El Salvador with no easy exit from worsening crisis


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Article Tags: #crypto   #crash   #leaves   #salvador   #worsening   #crisis  


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