El Salvador’s bitcoin trades are adding risk to a sovereign credit outlook that was already weak and reflecting a growing chance of default, according to Moody’s Investors Service.
President Nayib Bukele has said he buys the cryptocurrency using his phone, though the government doesn’t publish data on its holdings. Bukele bought some coins ahead of El Salvador’s adoption of bitcoin as legal tender in September, and sometimes took advantage of price drops to buy more in the following months, based on what he has said in posts on Twitter.
Finance Minister Alejandro Zelaya said last week that the nation’s adoption of bitcoin has attracted foreign investment into the Central American nation.
Who woulda thought.
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