El Salvador’s Bitcoin Experiment Is Looking Like a Disaster

The country of El Salvador, which adopted bitcoin as its legal tender late last year, is at serious risk of defaulting on its debt to international lenders in the coming years due to the continued collapse of the cryptocurrency market, as reported by El País and Bloomberg. . .

Salvadoran President Nayib Bukele is a noted cryptocurrency enthusiast, having been scheduled to appear at the Miami Bitcoin Conference last month before abruptly canceling. The country entered a state of emergency in late March due to gang violence, and Bukele’s presidency has been accused of authoritarian exaggeration, with the man himself even threatening to withhold meals from inmates in the country’s prisons in retaliation for the violence.

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