Bitcoin (BTC): El Salvador confirms a new redemption of its sovereign bonds

The ruin of El Salvador was part of the predictions of elites and global financial institutions after its legalization of bitcoin in September 2021. However, so far, Nayib Bukele’s team has been able to prove that this judicious choice is gradually moving it up the slope. . The proof: the country is able to honor its debts and even offers some 300 million dollars in savings on the redemption of its bonds.

El Salvador saves its honor

El Salvador saves more than $288 million on sovereign bond buybacks

El Salvador completed the second redemption of its sovereign bonds maturing in 2023 and 2025; in both deals it acquired bonds for more than $647 million ($74 million in this deal).

This generated more than 288 million in savings for our country. »

It is a confident Nayib Bukele who signs this tweet dated December 8. According to PR Newswire“ the amount for the purchase of the aggregate principal amount of the Notes deposited exceeded the aggregate maximum bid amount “.

The table below highlights details of the results of this Invitation. Withdrawal rights expired at 5 p.m. New York time on December 6.

In addition, it should be noted that the pro-bitcoin Republic of El Salvador had to settle US$73,993,818.08 of Securities on December 8.

Basically, Nayib Bukele has won a battle against his detractors. At the same time, he succeeded in his bet that CoinDesk relayed in September through his articleEl Salvador launches 2 bids to buy back its debt amid uncertainty over its bitcoin bond “.

Bitcoin did not ruin El Salvador

They were a lot to denigrate President Nayib Bukele who pushed his Assembly to vote for the “Ley Bitcoin”. They did not hesitate to support where it hurts for a developing country like El Salvador: the debts.

However, Bukele has always believed that his successive purchases of bitcoin, coupled with the “one day one bitcoin” operation, his “volcano bonds”, etc. one of his four will bear fruit. Unfortunately, his investments in BTC probably depreciated due to the bear market. Also, his billion-dollar bitcoin bond dream was still in the making. Solution proposed by the intrepid president: patience.

There is no president more crypto-friendly than Nayib Bukele right now. He has to sleep, wake up, talk, eat… with bitcoin in his head. The queen of cryptocurrencies is a lucky charm for this bold president? To the point of helping him solve his problems with his creditors?

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