- Investors have invested 296 million dollars in El Salvador’s Bitcoin-backed bonds
- These are oral commitments, but they already constitute 30% of the total collateral
- The official launch starts in a few weeks, and we are already we know the minimum amount
Investors have invested 300 million dollars in bonds backed by El Salvador’s bitcoins. This information was revealed by the chief strategist of Blockstream Samson Moe.
Total El Salvador plans to sell 10 – USD 1 billion summer bonds with a 6.5% rate. The securities will be issued only in the first three months 2022 of the year. The Canadian blockchain Blockstream was entrusted with keeping records of investments, and the cryptocurrency exchange Bitfinex will manage all this. million dollars are just “verbal commitments.”
There is also no official contract, which spells out the main investment conditions.
However, “Verbal Commitments” mean that El Salvador’s Bitcoin Bonds, or EBB1, have already sold out at 116% a few weeks before the official launch.
Of the $ 1 billion that El Salvador wants to raise, half of the amount will go to city infrastructure and mining, and the rest 500 million they will send to buy even more bitcoins, which will be kept in the state treasury.
Since mining is organized using volcanic energy, such assets are jokingly called “volcanobonds”. Against the background of this excitement, users are already offering El Salvador to issue even more such bonds:
Bonds EBB1 can be bought by both institutional investors (legal entities) and ordinary people. The minimum tranche is only 116 dollars.
The country is already actively using cryptocurrency, and on the day the rate fell, they even bought 116 bitcoins “at a discount.”