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President Of El Salvador PlansTo Buy Bonds Regarding Bitcoin Losses

El Salvador’s president plans to buy back $1.6B in debt as the country’s finances become increasingly tight.
President Of El Salvador PlansTo Buy Bonds Regarding Bitcoin Losses, cointry flag as featured image

In a July 26 post, President Nayib Bukele said he sent two bills to the National Assembly to authorize the financing of government bond purchases. He further shared that the bond offering, which is completely transparent, open, and voluntary, will begin six weeks at market prices.

 

 

This can be seen as a move to reassure the public opinion of President Nayib Bukele when he has “force” to invest in Bitcoin quite a lot in the previous moths. At press time, El Salvador is holding 2,381 Bitcoins with an average purchase price of $45,000 and recording a loss of 48.52% or $52M.

 

Besides, El Salvador’s finance minister, Alejandro Zelaya, said that the President’s offer helps the country’s liquidity and it’s a proof that El Salvador wants to stay  in the traditional financial system also.

 

The skepticism raised by Mr.James Bosworth is based on the argument after the President promised investors a Bitcoin City powered by volcanoes and bonds backed by BTC, all so far.

 

Image by OpenClipart-Vectors from Pixabay

 

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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