El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Fast forward to this year, the crisis worsened in the already battered crypto industry. But President Nayib Bukele plans on doubling down further.
After pledging that the government would purchase one Bitcoin every day going forward, despite the meltdown, the Bukele administration sent a bill to El Salvador’s Congress to enable it to sell $1 billion in “volcano bonds” – government debt, denominated in USD and pay out 6.5% interest a year to bondholders – to purchase more of the crypto-asset and build the hyped “Bitcoin City.”
(by Chayanika Deka)
All Comments