Bitcoin-Bond Sale Flop Deepens Debt Market Rout in El Salvador – Bloomberg

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Anti-Bitcoin graffiti in San Salvador, El Salvador.

For five months now, El Salvador President Nayib Bukele has been trying to hawk a Bitcoin-backed bond to international investors. This, he’s insisted, is a better option than turning to multilateral lenders in Washington for more conventional financing.
It’s not working. Bukele, a devout believer in crypto currencies, has yet to receive a single penny of the $1 billion he’s seeking, and this — along with stalled talks with the International Monetary Fund — is deepening concern among creditors that the country will fail to pay back an $800 million bond at the start of next year. 

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