El Salvador made history by becoming the first jurisdiction to declare Bitcoin as legal tender and purchased 410 Bitcoin when the value was at $37,000 in January 22nd. However, since then, the country’s national credit has deteriorated fourfold, making it the most distressed sovereign debt in the world. This decline is attributed to the decision to adopt Bitcoin, according to Steve Hanke, a professor of Applied Economics at Johns Hopkins University. The video also mentions that El Salvador’s sovereign debt has dropped from $0.75 to $0.36, indicating a significant decrease in value. Despite this setback, the video promotes a free ebook on cryptocurrency for beginners, with more information available in the description.
