in Bitcoin (BTC) last strong crash El SalvadorIt has added debt to the increasing debts of . So much so that this situation has increased the fears of default in the country even more.
The market value of El Salvador’s assets fell by nearly a third, according to a recent report by the Wall Street Journal. With the last collapses, this collapse was doubled.
Whereas, the country had spent more than $100 million building its Bitcoin fortune, which is currently down to just $38 million. The leading cryptocurrency dropped to its lowest level since December 2020 at $25,401 earlier this week.
El Salvador, which is already in economic difficulties, accepted Bitcoin as a legal tender last September and was exposed to a great reaction from the public. Despite the coercive measures, Bitcoin has not been as popular in the country so far.
Indeed, a recent study conducted by the National Bureau of Economic Research (NBER) revealed that 80% of companies have never touched Bitcoin.
They Will Try To Get A Rescue Package From The IMF!
on the other hand of the International Monetary Fund (IMF) El Salvador, which has not turned back despite all its objections, will probably no longer be able to obtain financing from the IMF. your country $800 million bond paymentIt is expected to do so in January. However, due to the recent blows in the crypto market, there are fears of the possibility of default. on the other hand moody’sdowngraded El Salvador’s debt rating to “garbage” earlier this month.
The country had to postpone its Bitcoin bonds due to price drops. However, the country leader Nayib Bukele earlier this week He bought 500 more Bitcoinsannounced the. However, citizens think that Bitcoin harms the country.