Posted 1/9/2024, 2:24:01 PM
El Salvador Reaps Benefits of Bitcoin Bet as Bonds Soar Over 200%
- El Salvador's sovereign bonds have surged over 200% since July 2023, coinciding with a doubling of Bitcoin's price
- El Salvador adopted Bitcoin as legal tender in 2021 to facilitate banking and attract investment
- President Bukele announced Bitcoin investments have become profitable, suggesting $12 million in gains
- El Salvador plans to issue a Bitcoin-denominated "Volcano Bond" in 2024 after a $1B Bitcoin mining project
- The IMF warned of financial risks from Bitcoin adoption, but recent bond rally and reported profits prove Bukele's strategy is currently paying off