The drop in value of bitcoin has hurt crypto investors everywhere. The stakes are particularly high in El Salvador, the indebted Central American country whose president has spent hundreds of millions of taxpayer dollars buying bitcoin and issuing it as a national currency.
The country’s planned placement of a $1 billion exotic bond has stalled, according to country officials, and a market value of $100 million Bitcoin holdings have fallen by about a third, squeezing the country’s finances further and raising the likelihood it will default on more than $24 billion in government debt, economists said.
https://www.wsj.com/articles/el-salvadors-president-went-all-in-on-bitcoin-then-it-tanked-11652540400 El Salvador’s President Went All In on Bitcoin. Then It Tanked.