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Los Angeles Times
Los Angeles Times
World
Kate Linthicum

El Salvador's president buys Bitcoins 'naked,' he boasts. His experiment is costing his nation millions

El Salvador Nayib Bukele International Monetary Fund United States San Salvador

SAN SALVADOR, El Salvador — Four months into El Salvador's experiment as the first and only country in the world to adopt Bitcoin as legal currency, the International Monetary Fund had seen enough.

Drop Bitcoin now, its board of directors warned in January, saying the cryptocurrency poses "large risks" to the financial stability of the nation and its citizens.

President Nayib Bukele fired off a response via Twitter: an internet meme that compared the IMF to Homer Simpson.

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