Moody, one of the largest risk analysis companies in the world, pointed to problems in the first nation to formalize the use of bitcoin as legal tender. But the president of El Salvador appears to be oblivious to the agency’s comments.
According to Moody analyst Jaime Reusche in an interview with Bloomberg, adding bitcoin to El Salvador’s portfolio added risk to the government, which has had liquidity problems in the past.
El Salvador is constantly buying millions of dollars in bitcoin. In the last fall alone in November 2021, 100 bitcoins were purchased.
The analyst also criticized El Salvador’s stance on the International Monetary Fund (IMF), the organization recommended not making BTC official as an official currency due to its volatility.
El Salvador doesn’t give a damn
Moody’s just lowered El Salvador’s debt score due to Bitcoin purchases. What was President Nayib Bukele’s response?
“Urgent: El Salvador ‘is tacando o f***’” in adapted translation:
The indifference of the president of the “Bitcoin nation” does not come from today, he has already ignored the concern of the Bank of England, the IMF and other international bodies against bitcoin.
Moody has no morals to talk about bitcoin?
We need to remember that Moody was one of the main contributors to the 2008 financial crisis by giving positive ratings to bad bonds and institutions.
Based on Moody’s risk assessment, many investors lost fortunes and plunged the world into a global financial crisis never before seen by the current generation.
Could this be another Moody mistake?