Despite skepticism over the country’s commitment to bitcoin, the performance of El Salvador’s dollar bonds is earning Wall Street’s confidence. El Salvador has seen a 70% return on its dollar bond in 2023, outperforming most emerging markets.
El Salvador’s financial performance has exceeded the expectations of institutional investors who thought the country’s decision to make bitcoin a legal tender was a mistake. Following the dollar bond’s 2023 performance, analysts from firms including J.P. Morgan and Eaton Vance are recommending investment. In response, El Salvador President Nayib Bukele has tweeted “I told you so.”