– El Salvador’s finance minister said the country still plans to issue a bitcoin bond using blockchain technology, Bloomberg reported.
– The nation purchased 2,381 bitcoin tokens with public funds since making the crypto legal tender last year.
– In total, those investments are worth about 50% less amid the broad downturn, per Bloomberg.
– Despite suffering heavy losses on its bitcoin bet, El Salvador still intends to issue bitcoin-backed bonds, the country’s finance minister said.
– Led by crypto-bull President Nayib Bukele, El Salvador adopted bitcoin as legal tender last year.
– The result has been increased access to financial services for locals, as well as a rise in tourism and investments, according to Zelaya.
– He remains bullish on digital assets even though the Central American nation has lost roughly 50% on its investment in 2,381 bitcoins, Bloomberg data shows.
– El Salvador initially planned to offer $1 billion in bitcoin bonds in March.
– But the government postponed the offering due to unfavorable market conditions.
– On several occasions this year when the world’s biggest crypto dropped in value, Bukele often would take to Twitter to declare the buying opportunity.