El Salvador President Nayib Bukele hit back on Twitter on Sunday against rating agency Moody's.His tweet comes after the rating agency told Bloomberg that El Salvador's bitcoin holdings increase its risk of default.El Salvador President Nayib Bukele hit back on Twitter on Sunday in response to a warning from rating agency Moody's over the Central American country's bitcoin investments.:"BREAKING: EL SALVADOR DGAF.
El Salvador has about 1,391 bitcoins in its coffers, according to a Bloomberg analysis, and"if it gets much higher, then that represents an even greater risk to repayment capacity and the fiscal profile of the issuer," Moody's said.the country's credit rating to CAA1, which reflects a very high risk of default on its debts.
El Salvador's aggressive bitcoin buying spree, particularly in moments when the coin's price has dipped, began in September 2021 when the Central American nation adopted the cryptocurrency as legal tender, making it theThis landmark move propelled Bukele to fame, especially among the crypto crowd.
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