{"id":221358,"date":"2022-02-24T19:30:24","date_gmt":"2022-02-24T19:30:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=221358"},"modified":"2022-02-24T16:53:18","modified_gmt":"2022-02-24T16:53:18","slug":"el-salvadors-1-billion-bitcoin-bond-called-a-meme-by-mainstream-finance","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/el-salvadors-1-billion-bitcoin-bond-called-a-meme-by-mainstream-finance\/","title":{"rendered":"El Salvador&#8217;s $1 billion Bitcoin bond called a &#8220;meme&#8221; by mainstream finance"},"content":{"rendered":"<p>Bitcoiner <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1496528067681996807\">Dennis Porter<\/a> tweeted that El Salvador had raised $500 million for their Bitcoin bond program.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN &#8211; El Salvador raises over $500,000,000 for their <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> bond. \ud83c\udf0b\ud83c\uddf8\ud83c\uddfb<\/p>\n<p>&mdash; Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1496528067681996807?ref_src=twsrc%5Etfw\">February 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Blockstream's Chief Strategy Officer <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/el-salvador-bitcoin-bond-commitments-5-billion-more-coming-2022-2\">Samson Mow<\/a>, the $500 million raised is in the form of verbal commitments, thus, doesn't constitute final pledges.<\/p>\n<p>What's more, the money raised so far is less than the $1 billion figure proposed when plans were first announced in <a href=\"https:\/\/www.reuters.com\/markets\/us\/what-we-know-so-far-about-el-salvadors-volcano-powered-bitcoin-bond-2021-11-22\/\">November 2021<\/a>. However, details of the timeline are not known at this point; only that issuance will take place in 2022.<\/p>\n<p>Nonetheless, certain entities, including U.S credit agency Fitch, remain doubtful on whether the program will succeed.<\/p>\n<h2>How will the Bitcoin &#8220;volcano bond&#8221; work?<\/h2>\n<p>Soon after declaring Bitcoin <a href=\"https:\/\/cryptoslate.com\/el-salvador-to-officially-adopt-bitcoin-as-legal-tender-on-september-7\/\">legal tender<\/a> in El Salvador, President Bukele also announced a $1 billion BTC bond issuance to build &#8220;<a href=\"https:\/\/www.reuters.com\/markets\/us\/what-we-know-so-far-about-el-salvadors-volcano-powered-bitcoin-bond-2021-11-22\/\">Bitcoin City<\/a>.&#8221;<\/p>\n<p>The <a href=\"https:\/\/www.bbc.co.uk\/news\/world-latin-america-59368483\">city<\/a> will be round to represent a coin. It will be built in the south-eastern region of La Uni\u00f3n at the base of the Conchagua Volcano to utilize geothermal energy. According to President Bukele, it will contain &#8220;everything devoted to Bitcoin.&#8221;<\/p>\n<blockquote><p>&#8220;Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail &#8211; everything devoted to Bitcoin.&#8221;<\/p><\/blockquote>\n<figure id=\"attachment_221374\" aria-describedby=\"caption-attachment-221374\" style=\"width: 691px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221374 \" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/Screenshot-2022-02-24-122149.png\" alt=\"Artist illustration of Bitcoin City\" width=\"691\" height=\"360\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/Screenshot-2022-02-24-122149.png 1104w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/Screenshot-2022-02-24-122149-300x156.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/Screenshot-2022-02-24-122149-1024x533.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/Screenshot-2022-02-24-122149-768x400.png 768w\" sizes=\"(max-width: 691px) 100vw, 691px\" \/><figcaption id=\"caption-attachment-221374\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.designboom.com\/architecture\/fr-ee-volcano-powered-bitcoin-city-for-el-salvador-11-29-2021\/\">designboom.com<\/a><\/figcaption><\/figure>\n<p>Explaining how the &#8220;volcano bond&#8221; would work, <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21\/\">Mow<\/a> said the first 10-year issue would be valued at $1 billion total and carry a coupon of 6.5%, all of which is backed by Bitcoin. Half the money will be converted to Bitcoin; the remainder will build infrastructure and fund mining operations.<\/p>\n<p>After a five-year lock-in period, El Salvador will sell some of the initially purchased Bitcoin to provide investors with &#8220;an additional coupon.&#8221; There are no details on the value of this additional coupon at this time.<\/p>\n<p>Also, for this to work, the price of Bitcoin in five years must be more than when the investors bought the bond. Although probable, it is still a risky venture to take on.<\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/seansteinsmith\/2021\/12\/13\/crypto-bonds-are-coming--what-potential-investors-should-consider\/?sh=6e2a23974bc0\">Forbes<\/a> says while the 6.5% coupon is somewhat inviting versus current interest rates, inflationary risk should give investors pause for thought. They ask whether this rate is adjustable to account for the changing economic landscape.<\/p>\n<blockquote><p>&#8220;this nominal interest rate is perhaps not as appealing as it initially appear; rising inflation rates across the globe will continue to eat into these coupon payments.&#8221;<\/p><\/blockquote>\n<h2>Mainstream finance pushes back<\/h2>\n<p>With uncertainty around the Bitcoin bond as a polished product, <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/el-salvador-bitcoin-bond-commitments-5-billion-more-coming-2022-2\">Fitch<\/a> said it has reservations on whether El Salvador can raise the entire valuation.<\/p>\n<p>This was a factor in the firm's decision to downgrade El Salvador's credit rating to <a href=\"https:\/\/www.fitchratings.com\/entity\/el-salvador-80442262#ratings\">CCC<\/a> earlier this month, denoting a substantial credit risk.<\/p>\n<blockquote><p><span class=\"ILfuVd\"><span class=\"hgKElc\">&#8220;CCC National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union.&#8221;<\/span><\/span><\/p><\/blockquote>\n<p>Chiming in, an unnamed financial executive paid a backhanded compliment, saying the volcano bond, while lacking fundamentals, still has novelty appeal as a &#8220;meme&#8221; bond.<\/p>\n<p>Mow dismissed such talk, saying El Salvador would have no problem raising the money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoiner Dennis Porter tweeted that El Salvador had raised $500 million for their Bitcoin bond program. JUST IN &#8211; El Salvador raises over $500,000,000 for their #Bitcoin bond. \ud83c\udf0b\ud83c\uddf8\ud83c\uddfb &mdash; Dennis Porter (@Dennis_Porter_) February 23, 2022 According to Blockstream&#8217;s Chief Strategy Officer Samson Mow, the $500 million raised is in the form of verbal commitments, [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":221451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>El Salvador&#039;s $1 billion Bitcoin bond called a &quot;meme&quot; by mainstream finance<\/title>\n<meta name=\"description\" content=\"The Bitcoin bond receives $500 million in verbal commits, but some express skepticism on whether the program can work.\" \/>\n<meta name=\"robots\" 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