By Steve Goldstein
El Salvador President Nayib Bukele, says Human Rights Watch, has “undermined basic democratic checks and balances” since taking office.
But he seems to have a sense of humor.
Bukele changed his Twitter profile to that of a McDonald’s employee, in wake of the latest plunge in bitcoin that brought the cryptocurrency down as much as 50% from its highs.
That’s a reference to an internet meme, where HODL’ers indicate their future career prospects when bitcoin slumps. McDonald’s pays as low as $11 per hour .
Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.32% again started to slide early Monday after a turbulent weekend, falling below $34,000. The cryptocurrency is down over 50% from its record high.
Under Bukele’s direction, El Salvador has been buying bitcoin, and uniquely has adopted it as legal tender. Coindesk reports the country now holds over 1,500 bitcoin, worth some $53 million in fiat Yankee dollars.
Financial markets have not been impressed. Since El Salvador adopted bitcoin as legal tender, its 5-year credit default swaps have surged to 1,812.81 , from 412.54, according to S&P Global Market Intelligence.