World El Salvador's Bitcoin Boom: How the World's First Crypto Nation's Big Bet Is Stabilizing Its Economy, Proving Critics Wrong, and Paying Back Its Debt

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When El Salvador President Nayib Bukele made the controversial decision to make Bitcoin legal tender in his country, many people were skeptical and concerned about the potential risks.

Bukele announced on Twitter that the country would purchase one Bitcoin each day starting Nov. 18, 2022. How is that going in 2023? The latest news out of El Salvador suggests that the government's bet on cryptocurrency is paying off.

According to Treasury Minister Alejandro Zelaya, the government has successfully repaid one of two outstanding $800 million bonds. This move is likely to allay concerns about a potential default, which had grown amid the country's adoption of Bitcoin.

Zalaya announced the news via Twitter on Jan. 23, highlighting the government's commitment to meeting its debt obligations and proving the skeptics wrong. Bukele tweeted, “Well, we just paid in full 800 million dollars plus interest. But of course, almost no one is covering the story.”

www.benzinga.com

El Salvador's Bitcoin Boom: How the World's First Crypto Nation's Big Bet Is Stabilizing Its Economy, Proving Critics Wrong, and Paying Back Its Debt

When El Salvador President Nayib Bukele made the controversial decision to make Bitcoin legal tender in his country, many people were skeptical and concerned about the potential risks.
www.benzinga.com www.benzinga.com
 
tom_mai78101

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This might not be a reliable news source. It's not reported by other news outlets, and most of the article were reverberated by the same source which is a cryptocurrency news site.
 
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jonas

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I checked bukele's twitter account and couldn't find this 800 million dollar tweet
 
The Helper

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jonas

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I see, I was somehow looking at news from around march 28 when the article is dated, and missed that they said the tweet is from January
 
tom_mai78101

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The Helper said:
I had no problem finding other sources for this

www.reuters.com

El Salvador says it has repaid $800 million bond maturing January

El Salvador has repaid an $800 million bond, Finance Minister Alejandro Zelaya said on Monday, the same day the bond was set to mature, as the Central American country faced pressure to make progress in cutting debt.
www.reuters.com www.reuters.com

Click to expand...

I see. In that case, we should've used acceptable news outlet like Reuters and Associated Press instead.
 
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