Skip to content Skip to sidebar Skip to footer

The Bitcoin Bond in El Salvador Has Received $500 Million in Commitments

It’s only a matter of time before El Salvador’s billion-dollar Bitcoin bond program takes off.

According to estimates, the Central American nation may have already achieved half of its goal of a billion dollars in Bitcoin bonds. Samson Mow, Blockstream’s chief technology officer, told the Wall Street Journal that the Bitcoin (BTC) bonds had already received $500 million in “verbal promises” from investors.

The half-a-billion-dollar sum had been reported elsewhere on February 23 but neither the publication nor the government had validated it.

Bitcoin Bond are in high demand from investors

Since its launch in November, El Salvador’s Treasury has purchased more Bitcoin, invested in mining equipment, and plans to build a Bitcoin City near the Conchagua volcano in the country’s southeast. To paraphrase one El Salvadoran finance professional, the investment was more of a novelty than anything else, and individuals were drawn to it for that reason.

Furthermore, President Nayib Bukele is considering increasing his aim from $1 billion in debt to $5 billion in the future, according to Mow. However, Bukele’s Bitcoin campaign has encountered some opposition, primarily from the United States.

It was reported that President Trump had berated the “boomers” on Capitol Hill earlier this month for proposing legislation to reduce the dangers associated with adopting Bitcoin as legal cash in the United States. El Salvador’s first public veterinary hospital will be called “Chivo Pets,” and it will be sponsored by Bitcoin, the cryptocurrency.