El Salvador USD-backed bonds is seeing a new all-time low after El Salvador president revealed plans for Bitcoin-backed bonds. Of course, this information so from Bloomberg reports.
So, El Salvador USD notes with due dates in 2050 falls to 64.4, a new all-time low.
More so, El Salvador’s is one of the worst performers on the foreign debt market on Monday. Of course, this is the main cause for the sharp drop is President Bukele’s plan to sell sovereign Bitcoin bonds.
Additionally, A large portion of the risks that investors face is because the current government of El Salvador is not willing to establish a proper relationship with the IMF. Notably, Bukele’s party fires five top judges and the attorney general.
Currently, The modernization of El Salvador’s and implementation of blockchain technology is not a good idea. Especially, for investors and citizens, who criticizes the president’s decision on a daily basis.
Lastly, as per Nathalie Marshik, a Stifel Nicolaus & Co. managing director, decisions is pushing the country further from IMG policies. Of course, it’s already showing on the bond’s performance. Also, he notes that investors are going to encounter further losses as Bitcoin adoption intensifies in the country.
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