Cryptocurrencies
Fitch Cites Bitcoin Risk as It Cuts El Salvador Deeper into Junk
- President Bukele trades Bitcoin on his phone with public funds
- Central American nation adopted the cryptocurrency last year
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Fitch Ratings downgraded El Salvador deeper into junk on Wednesday, citing risks from its adoption of Bitcoin as legal tender last year.
Fitch also said that “heightened financing risks stemming from increased reliance on short-term debt” ahead of an $800 million global bond payment due next January also influenced its decision to cut the nation’s rating to CCC from B-.