Salvador and Bitcoin (BTC): A model of success?

“El Salvador is unable to repay its debts”. This is the information conveyed by social media as well as almost all the Salvadoran press lately. Information very quickly reversed by President Nayib Bukele. The latter proudly announced that his country has just paid 800 million dollars in debt plus interest.

El Salvador has just repaid its huge debt of 800 million dollars

2022: El Salvador’s “bet on Bitcoin”

2022 has been a particularly tough year for the crypto world. And Bitcoin is no exception. From the beginning of the year to December 31, 2022, the price of bitcoin fell from $47,300 to $16,500. A drop of almost 65% in its value, thus impacting many crypto companies.

El Salvador is the first country in the world to have made bitcoin its official currency. For some, the bankruptcy of the country will not be long in coming. They even go so far as to say that he will not be able to repay his debt due on January 24, 2023.

Nayib Bukele’s administration stays the course despite Bitcoin’s downtrend

Against all expectations, El Salvador was able to juggle between the decline in value of Bitcoin and the height of its debt. The country has complied with the payment of its debt which amounts to 800 million dollars, interest included. The news was relayed by almost all local media.

By proudly announcing this news on his Twitter account, the President of El Salvador did not fail to criticize the media. The latter have never ceased to evoke the bankruptcy of El Salvador because of the cryptocurrency. Nayib Bukele even calls the media “liars”. “They will eventually shut up once the truth comes out,” he retorts.

According to the Salvadoran president, the fact of paying off such a debt proves that his country is doing very well without help.

El Salvador wants to be an example for the adoption of crypto. As the country seems to be doing well, maybe others will also decide to adopt bitcoin as their official currency this year! To be continued…

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