Bitcoin Trades Raise El Salvador’s Risk Profile, Says Moody’s - Aliens: AI Crypto News & Markets Updates
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Bitcoin Trades Raise El Salvador’s Risk Profile, Says Moody’s

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BeInCrypto

Fri, Jan 14, 2022

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Trading Bitcoin is only worsening El Salvador’s already weak sovereign credit outlook, according to Moody’s Investor Services.

Trading Bitcoin “is quite risky, particularly for a government that has been struggling with liquidity pressures in the past,” said Moody’s analyst Jaime Reusche.

He added that the government’s current Bitcoin holdings “certainly add to the risk portfolio.” El Salvador’s current owns an estimated 1,391 Bitcoin, which at current prices amounts to just under $60 million.

Moody’s estimates that El Salvador’s Bitcoin holdings could be down between roughly $10-20 million at current market prices.

Last July, Moody’s downgraded El Salvador to Caa1, reflecting a “very high credit risk,” citing a “deterioration in the quality of policymaking.” In spite of these appraisals, Finance Minister Alejandro Zelaya believes that the adoption of Bitcoin has attracted foreign investment to the country.

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