El Salvador’s president Plans to use bitcoin bonds.
El Salvador’s President Nayib Bukele announced plans to create a “Bitcoin City” funded through a bitcoin bond.
El Salvador Bitcoin Bond 1.
The Central American country plans to issue $1 billion in bitcoin for this first bond. Half would go toward buying bitcoin, and the other half would fund energy infrastructure and bitcoin mining. This bond would be the first in a planned series.
“What makes it a bitcoin bond is because it’s backed by bitcoin, so half of the billion dollars will go into buying bitcoin,”
“The president is going to market-buy $500 million dollars of bitcoin.”
The bond will mature in 2032 and will have a 6.5% coupon. Additionally, the bond has a dividend designed to give investors half of the proceeds after recovering the first $500 million in bitcoin.
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