Surprising Move from El Salvador in the Low Bitcoin Days!

El Salvador, bitcoin While the uncertainty regarding its bonds continued, it started working to buy back its debt bonds.

Bitcoin Supporter El Salvador Wants to Prevent Speculation About Country’s Bankruptcy

El Salvador’s President Nayib Bukele recently stated that they have prepared a proposal to repurchase some of the 2023 and 2025 government bonds.

In the statement, it was stated that a purchase price of $ 910 for bonds with a maturity of 2023 and $ 540 for bonds with a maturity of 2025 was determined. The total value of the bonds reaches $800 million.

Today we have officially launched the purchase offer for all our external debt due from 2023 to 2025 🇸🇻

All holders of bonds of the Republic of El Salvador can access this public and voluntary repurchase.

More information here: https://t.co/c6IidSSyRD

— Nayib Bukele (@nayibbukele) September 12, 2022

El Salvador in September 2021 BTC accepting it as a legal payment instrument had strained the relations between the Central American country and the global financial markets.

This bond buyback announced by El Salvador’s President Nayib Bukele is seen as an attempt to counter speculation that El Salvador will go bankrupt.

The loss of El Salvador, which has lost about 50% with the decrease in its large investments in Bitcoin, is calculated as 52.4 million dollars.

Announced by Bukele in November 2021, the $1 billion BTC bond (also known as Volcano Bond) has yet to announce a launch date.

In the BTC bond project, El Salvador is collaborating with Bitfinex and Tether companies.

Bitfinex and Tether Chief Technology Officer, Paolo Ardoino, said in a statement last month that government officials told him that the bond could be launched in September.

While El Salvador’s BTC bond project is eagerly awaited, at the time of this writing, BTC is trading above $22,000.

*Not investment advice.