El Salvador’s bitcoin experiment is looking like a disaster

The country of El Salvador, which adopted bitcoin as legal tender late last year, is in serious danger of defaulting on its debt to international financiers within the next several years due to the ongoing collapse of the cryptocurrency market, as reported by El País and Bloomberg.

El Salvador’s president, Nayib Bukele, is a noted enthusiast of cryptocurrencies, having been scheduled to appear at the Miami Bitcoin Conference last month before he abruptly cancelled. The country entered a state of emergency at the end of March over gang violence, and Bukele’s presidency has been accused of authoritarian overreach, with the man himself even threatening to withhold meals from inmates in the country’s prisons in retaliation for the violence.

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