I still remember all the fanfare and hubbub few months back amidst Cryptobros as El Salvador adopted bitcoin as legal tender. Now as bitcoin plumbers and crypto melts, El Salvador is not in a good shape.
https://fortune.com/2022/06/08/el-salvador-bitcoin-default-sovereign-debt-in-2023
Not saying it might happen due to bitcoin but the interesting bit here is that their cryptobro president believes that if his banks fail and if he is unable to get financial aid or loans from IMF , US or world bank; the crypto whales would bail him out as whales would love to keep nation state bitcoin adoption alive.
El Salvador president thinks that crypto whales would either give direct loan to government, or deposit UD dollars in his banks or would buy government bonds. He is pinning lots of hope with crypto whales for short and long term.
I highly doubt that whales like stable coin issuer Tether or crypto exchange like bitfinex would bailout any nation state. I don't believe that they would come to the rescue of El Salvador or anyone else for that matter.
Anyone from El Salvador here who could tell situation from the trenches? Thanks
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