SAN SALVADOR : El Salvador's President Nayib Bukele took the stage last weekend at the end of"Bitcoin Week" to the cheers of fans delighted his Central American country has become the first to adopt crypto currency as legal tender, alongside the U.S. dollar.
"Feel the Bit" read the giant screen before Bukele - who brands himself"CEO of El Salvador" on Twitter - came on stage. The 10-year bitcoin bond offers a 6.5per cent coupon, payable yearly, but another Salvadoran bond that matures in 2032 is currently yielding close to 13.9per cent. Graham Stock, senior sovereign analyst at Blue Bat Asset Management, said government funding through bitcoin could discourage El Salvador from adopting sustainable spending policies, adding the country would likely continue to need International Monetary Fund support.
Although bitcoin has fallen about 16per cent from its record high of US$68,990.90 this month, it remains up over 90per cent this year.
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