El Salvador sells a third of its bitcoins

The investors have invested $300 million in the country's bitcoin-backed bonds

08.12.2021 - 14:05

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What’s new? Samson Mow, a representative of the Canadian blockchain Blockstream, reported on Twitter that the investors have invested $300 million in El Salvador's bitcoin-backed bonds. In total, the country plans to sell $1 billion worth of bonds.

EBB1: 300M / 1B #Bitcoin 🌋🇸🇻— Samson Mow (@Excellion) December 6, 2021

What are the details of the deal? Mow clarified that the aforementioned amount is still a “verbal commitment” and a formal contract has yet to be drawn up. Nevertheless, 30% of El Salvador's bitcoin bonds (BB1) have already sold out a few weeks before their release. The securities themselves will appear in circulation in early 2022.

Why is El Salvador selling bitcoins? The country plans to invest half of the proceeds in the infrastructure of the world's first cryptocurrency city, Bitcoin City, and in mining the digital currency. The other half will be used to buy more bitcoins.

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