September 30, 2022

Bitcoin Bull Max Keiser Has High Hopes for El Salvador’s BTC Volcano Bonds

2 min read

El Salvadorean President Nayib Bukele’s enthusiastic Bitcoin Law has met strong opposition. However, Bitcoin bull Max Keiser believes the grand experiment could assist El Salvador end up being the equivalent of a city of London in Central America.

El Salvador and Bitcoin

In conversation with Diario El Salvador, Keiser stated El Salvador could become a Bitcoin ‘‘ center’for Central and Latin America. He noted that London was one of the 3 largest financial centers in the world before Brexit and made a large part of the European bonds, carrying out huge deals in the Forex market. Keiser is hopeful that El Salvador would become a ‘‘ center’ and a monetary center in Latin America with Bitcoin in the photo.

“The interest of Salvadoran residents in bitcoin has grown because Salvadorans have their own checking account on their phones. Individuals who were not banked, which was 70% or more, now with Chivo wallet and other wallets have the chance to have financial services.”

While reiterating his previous statement, Keiser mentioned that El Salvador has the prospective to become “Bitcoin’s Wall Street,” considering Bitcoin as a legal tender and with stock market laws in this regard. He also added that it could bring in substantial quantities of worldwide capital into the country.

Max Keiser and President Bukele. Source: Twitter

Max Keiser and President Bukele. Source: Twitter High Hopes For Bitcoin Bonds Keiser thinks that Volcano Bonds will be the first task to introduce this year. Declaring its as a “huge innovation” in finance, he revealed dealing with Blockstream CSO Samson Mow for developing the concept.

The bonds are to be launched on Blockstream’s Liquid, a bitcoin-based service, and have a 6.5% coupon. As a matter of reality, it was Keiser who recommended Volcano Bonds’ backed by future Bitcoin mining earnings to dodge the International Monetary Fund (IMF) loans in 2015.

Previously today, Finance Minister Alejandro Zelaya revealed that the nation’s initial $1 billion BTC bond problem will occur between March 15 and 20.

During the initial statement of the Bitcoin Bonds in November, Bukele asserted that half of the $1 billion raised would be released to help build the needed energy and BTC mining infrastructure. The remaining will be used to generate more bitcoin for the country’s holdings.

CryptoPotato previously reported that the credit rating company Fitch Ratings downgraded El Salvador’s long-lasting foreign currency Issuer Default Rating (IDR) to ‘‘ CCC’ from ‘ B – ‘ mentioning Bitcoin adoption threats.