Market participants may be seeking vindication on behalf of nayibbukele as El Salvador's bonds have surged in line with $BTC's rally. thesamreynolds reports.
. The digital assets were bought for $108.2 million, and are currently worth $76.6 million per current market data.$1 billion in commitments to build a 241 megawatt bitcoin mine in the Metapán region of El Salvador. Investors include Tether, the issuer of USDT.El Salvador's decision to diversify into bitcoin has consistently drawn the ire of ratings agencies and the International Monetary Fund.
“Policy differences related to the government’s embrace of bitcoin have lowered the probability that an IMF deal will be reached in time to address the government’s upcoming January 2023 $800 million bond maturity,” Moody’s wrote last fall. In 2021, S&P wrote that El Salvador’s decision to adopt bitcoin as a legal tender would have “immediate, negative implications.”. “There are immediate negative implications for credit.”that risks regarding El Salvador’s embrace of bitcoin"have not materialized due to the limited bitcoin use so far."
"Given the legal risks, fiscal fragility and largely speculative nature of crypto markets, the authorities should reconsider their plans to expand government exposures to bitcoin," the IMF said in a statement, reported by Reuters. The change of fortune for Salvador’s bonds appears to be a part of a market-wide trend. Junk-rated bonds of Turkey, Argentina and Nigeria also
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