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Fitch lowers El Salvador’s rating due to Bitcoin adoption

Published 02/10/2022, 04:40 AM
Updated 02/10/2022, 06:20 AM
© Reuters.

El Salvador faces another whipping from a traditional finance firm for its “forbidden” love for Bitcoin (BTC).

American credit rating agency Fitch Ratings has lowered El Salvador’s long-term Issuer Default Rating from B- to CCC, mentioning “policy unpredictability” and the “adoption of Bitcoin as legal tender” as some of the factors that led to the downgrade.

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Latest comments

El Salvador adopted bitcoin to escape manipulation by the corrupt financial system so this rating given by the corrupt financial system has no weight.
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