source article which is somewhat better: https://fortune.com/2022/01/19/el-salvador-bitcoin-economy-distressed-debt/ https://fortune.com/2022/01/19/el-salvador-

source article which is somewhat better: https://fortune.com/2022/01/19/el-salvador-bitcoin-economy-distressed-debt/ https://fortune.com/2022/01/19/el-salvador-bitcoin-economy-d... Some of the implied conclusions are intellectually dishonest, so it's quite a clickbait article, so really just skip to the last paragraph: > The heavily indebted nation is seeking a $1 billion loan from the IMF and also courting aid from the World Bank. But Bukele's getting nowhere with both, and the IMF has strongly criticized his crusade to create the first Bitcoin-powered economy. In late November, Bukele unveiled his nuttiest idea yet, a plan to build a Bitcoin City on the Gulf of Fonseca, funded by a $1 billion bond offering, $500 million of which would be deployed to speculate in Bitcoins! Practically overnight, the price of sovereign bonds dropped from 75 cents to 63 cents of their par value, on its way to its current level of 36 cents. "El Salvador now has the most distressed sovereign debt in the world, and it's because of the Bitcoin folly," says Hanke. "The markets think that Bukele's gone mad, and he has." Obvious money grab (wealth transfer) is seen as obvious. News at 11! The bitcoin aspect of all this is a bit of a ruse. It's the device, not the cause. Great for clicks.