Contrary to forecasts, the value of Salvadoran bonds rose by 62% after Fitch downgraded the country's credit rating in September 2022. Perhaps the 79% surge in BTC during the same period played a role in this unexpected turn of events.
In 2021, El Salvador declared Bitcoin as legal tender and currently holds 2546 BTC. Despite skepticism from the IMF, the country also allocated $1 billion for the construction of a mining farm with a capacity of 241 MW.
