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

The ambitious Bitcoin Law, proposed by Nayib Bukele, El Salvadorean president, has been met with opposition. Bitcoin bull Max Keiser thinks the grand experiment could make El Salvador the equivalent of London in Central America.

El Salvador and Bitcoin

Keiser spoke with Diario El Salvador and suggested that El Salvador could be a Bitcoin “hub” for Central and Latin America. Keiser noted that London was the third largest financial center in the world prior to Brexit. He also mentioned that London made large parts of European bonds and executed big Forex deals. Keiser hopes that El Salvador will become a “hub” and a financial centre in Latin America, with Bitcoin as the main currency.

“The popularity of bitcoin among Salvadorans has increased because Salvadorans now have their own bank accounts on their smartphones.” With Chivo wallet and the other wallets, people who weren’t banked (which was 70%) now have the chance to access financial services.

Keiser reiterated his previous statement and stated that El Salvador could become Bitcoin’s Wall Street, considering Bitcoin is a legal tender. He also mentioned the stock market laws. It could also attract large amounts of capital from abroad, he said.

Max Keiser, President Bukele Source: Twitter

High hopes for Bitcoin Bonds

Keiser believes Volcano Bonds is the first project that will launch in this year’s financial year. He proclaimed it to be a “huge financial innovation”, and he shared his experience with Blockstream CSO Samson Mow in developing the idea.

Blockstream’s Liquid will launch the bonds with a 6.5% coupon. Keiser was the one who suggested Volcano Bonds’, backed by future Bitcoin mining revenue, to avoid International Monetary Fund loans last year.

Alejandro Zelaya, Finance Minister, announced earlier this week that the country’s first $1 billion BTC bond will be issued between March 15th and 20.

Bukele stated that half the $1 billion raised for the Bitcoin Bonds was to be used to build the necessary energy infrastructure and BTC mining infrastructure. The rest will be used to raise more bitcoin for the country’s holdings.

CryptoPotato reported earlier that Fitch Ratings, a credit rating agency, downgraded El Salvador’s long-term foreign currency issuer default rating (IDR), to ‘CCC’. This was due to Bitcoin adoption risks.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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