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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

El Salvador Postpones Bitcoin Bonds A Second Time, Here’s Why

Best Owie
Best Owie
1 year ago
3 mins read
El salvador bitcoin

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El Salvador has been planning to release the world’s first Bitcoin bond for a while. This move had garnered a lot of interest from investors in the space who have been looking forward to taking advantage of this unique opportunity. However, the launch of the bitcoin bond has now been postponed for a second time. El Salvador’s finance miner, Alejandro Zelaya, gives the reason for the multiple delays.

Not A Good Time

The finance minister had put forward that it was not a good time for the launch of the El Salvador Bitcoin Bonds. This is due to the fact that the price of bitcoin had been in a decline and had therefore not provided a favorable time for the launch of the bitcoin bonds. It has started to irk some in the space because this is not the first time that the country would be postponing the launch of its infamous Vulcano Bonds, also known as bitcoin bonds.

Related Reading | Bitcoin Dominates Derivatives Market To End May On A High Note

The first time had been back in late March when the El Salvadorean government had announced that it had to postpone the launch. The reasons behind the postponement had been the same then as they are now; the financial market was not in a favorable place for the launch. Introducing an untested bond into the market at a time when there is a lot of geopolitical unrest may work against the success of such a bond. 

Bitcoin price chart from TradingView.com

Finance minister Alejandro Zelaya explained that the move to push the launch back once more was “Because of the price [of bitcoin]. The price is still disrupted by the war in Ukraine. There were many movements in the stock market.”

On the other side though, it is being said that the postponements have not been due to geopolitical unrest and declining prices. But rather, the interest in these bitcoin bonds was low. This is because investors are not willing to bet their money on an untested bond that does not promise quick returns.

Although there has been no official date announced for when the bitcoin bonds will be placed, the minister expressed that “the currency is strong” and continues to recover. 

El Salvador’s Bitcoin

El Salvador has been purchasing bitcoin since last year when it had made the cryptocurrency a legal tender. During the time when the country started purchasing bitcoins, it has been trading at one of the highest points of the year. As such, with the recent decline in the value of BTC, El Salvador finds itself at a loss when it comes to its bitcoin holdings.

Related Reading | Brace For Impact: Bitcoin Miners Have Begun Dumping Their Holdings

Nevertheless, the country remains unshaken in its resolve to incorporate bitcoin into its treasury. The finance minister said that the government continues to hold on to its BTC despite being $38 million in the loss. According to him, since they have not sold anything, then the country “has not lost” any money.

Zelaya, however, revealed that El Salvador had indeed “traded” some of its BTC to build Chivo Pet but that the coins remain in their possession. At the time of this writing, El Salvador holds 2,301 valued at approximately $70 million.

Featured image from Bitcoinist, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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