Amidst geopolitical turmoil, El Salvador has postponed its planned offering of $1 billion Bitcoin Bonds.
“I think this is not the time. There are some moves on the planet. In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of Bitcoin Bond.”
President Nayib Bukele announced the 10-year Bitcoin “volcano bond” in November last year. The $1 billion proceeds received from issuing these bonds will be directed towards backing the much-hyped “Bitcoin city,” envisioned by the Bukele himself, that will be driven by the geothermal energy of a volcano near the Honduran border.
Even as El Salvador struggles to advance use-cases for Bitcoin, it has an ambitious roadmap that includes using the funds to purchase more Bitcoin and storing them in its reserves. As
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