President Nayib Bukele of El Salvador has taken to Twitter to express his disappointment and frustration with “legacy international news outlets” and their failure to adequately cover his country’s recent repayment of an $800 million bond debt.
Bukele stated that these outlets had previously extensively predicted that El Salvador would default on its debts due to its “Bitcoin bet.” He noted that some of these firms had even suggested that the country might have to deal with the International Monetary Fund in order to make bond payments due to alleged Bitcoin losses.
However, despite these predictions of financial turmoil and potential default, El Salvador successfully repaid its bond debt, a testament to the strength and resilience of the country’s economy.
Bukele argued that this accomplishment should have been given more attention and recognition by international news outlets rather than being overlooked and overshadowed by their previous inaccurate predictions.
The recent repayment of El Salvador’s bond debt is a significant milestone for the country, coming on the heels of an even more ambitious development in the nation’s economic and technological landscape. The government of El Salvador has recently gained approval to sell bonds worth $1 billion, which will be backed by the cryptocurrency Bitcoin (BTC).
This decision to explore the use of BTC-backed bonds is a bold and forward-thinking move by the El Salvadorian government, reflecting their understanding of the potential of digital currencies to revolutionize the financial industry.
With the proceeds from the bond sale, the country plans to make a significant investment in cryptocurrencies, purchasing more BTC to add to its reserves.
The government’s ambitions for Bitcoin don’t stop there. With the funds from the bond sale, they also plan to build a “Bitcoin City,” a cutting-edge development that will serve as a hub for innovation and experimentation in blockchain technology and digital currencies.
The city will be a testbed for integrating Bitcoin and other cryptocurrencies into everyday life, from businesses and financial transactions to public services and infrastructure.
Earlier, In September 2021, El Salvador’s decision to adopt Bitcoin as a legal tender sparked widespread criticism and skepticism from international financial institutions and experts. Many expressed concerns over the country’s ability to repay its debts due to the inherent volatility of the cryptocurrency. Critics argued that the move was risky and potentially detrimental to the nation’s economy.
The move clearly shows El Salvador’s commitment to being at the forefront of the digital economy. It is expected to attract investors and entrepreneurs from all over the world interested in exploring the possibilities of Bitcoin and blockchain.
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