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- Bukele tweeted to his 3.6 million followers, denying that CZ was coming in to help after the $1 billion bond issue was postponed until September.
- Alejandro Zelaya, announced earlier this week that the $1 billion bond, which had been set for mid-March, would be postponed until September, citing geopolitical instability as the key reason for the postponement.
- It will apparently use local volcanoes’ geothermal energy to power Bitcoin mining as well as the city’s infrastructure. The remaining $500 million will be invested directly in Bitcoin, with half of the $1 billion going to building costs.
El Salvador’s President, Nayib Bukele, publicly chastised Reuters for propagating false information regarding the country’s $1 billion volcano bond delays. On Wednesday evening, El Salvador President Nayib Bukele took to Twitter to criticize a Reuters article stating Binance CEO Changpeng ‘CZ’ Zhao was flying in to preserve El Salvador’s Bitcoin Bond.
CZ Was Coming In To Help After The $1 Billion Bond Issue Was Postponed Until September
Please don’t propagate Reuter’s FUD, Bukele tweeted to his 3.6 million followers, denying that CZ was coming in to help after the $1 billion bond issue was postponed until September. He was reacting to a tweet from Bitcoin Magazine on the matter, which has since been removed. Bukele indicated that the volcano bond offering was delayed mostly due to congressional delays, that his meeting with CZ has nothing to do with the bond offering, and that the two will address other topics.
Bukele was aided by Paolo Ardoino, chief technology officer of Bitfinex, the company that underwrote the bond, who stated that the delays were mostly due to regulations governing the bond’s issue that Congress had yet to adopt. Samson Mow, the former chief strategy officer of Blockstream, El Salvador’s bond launch partner, also tweeted, Nothing has changed.
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El Salvador’s Finance Minister, Alejandro Zelaya, announced earlier this week that the $1 billion bond, which had been set for mid-March, would be postponed until September, citing geopolitical instability as the key reason for the postponement. El Salvador’s Finance Minister, Alejandro Zelaya, announced earlier this week that the $1 billion bond, which had been set for mid-March, would be postponed until September, citing geopolitical instability as the key reason for the postponement.
Bukele was back on Twitter three hours later, this time protesting about the US government in response to a proposed bill aimed at reducing American exposure to El Salvador’s financial system following the country’s adoption of Bitcoin as legal cash. The Accountability for Cryptocurrency in El Salvador Act was passed out of committee on Wednesday, and the full U.S. Senate will vote on it soon.
Remaining $500 Million Will Be Invested Directly In Bitcoin With Half Of The $1 Billion Going To Building Costs
Never in my wildest thoughts did I think the US Government would be terrified of what we’re doing here, Bukele responded to the news on Twitter, adding, The US Government DOES NOT stand for freedom and that is a confirmed reality.
El Salvador is issuing the Bitcoin (BTC)-backed bond to increase its BTC reserves and to support the construction of Bitcoin City, a development dedicated solely to Bitcoin and related blockchain technology. It will apparently use local volcanoes’ geothermal energy to power Bitcoin mining as well as the city’s infrastructure. The remaining $500 million will be invested directly in Bitcoin, with half of the $1 billion going to building costs.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
