El Salvador : plans for a bitcoin bond even as the country sees a 50% loss

[glitch]

The first country to adopt Bitcoin as legal tender in their free market seen huge gains and improvement early one but with the dip, they have experienced a big loss.

They still plan to go ahead with everything and have faith in the blockchain.

Despite suffering heavy losses on its bitcoin bet, El Salvador still intends to issue bitcoin-backed bonds, the country's finance minister said.

"We aren't going to have results overnight. We can't go to bed poor and wake up millionaires," Alejandro Zelaya told Bloomberg Wednesday. "New technologies have shown how people in previous years were afraid of things like websites and digital business, but it's been shown through time that reality imposes itself."

Led by crypto-bull President Nayib Bukele, El Salvador adopted bitcoin as legal tender last year. The result has been increased access to financial services for locals, as well as a rise in tourism and investments, according to Zelaya.

He remains bullish on digital assets even though the Central American nation has lost roughly 50% on its investment in 2,381 bitcoins, Bloomberg data shows.

Source

 

[Laurentta]

Wow, i really admire their faith. If everyone can have much faith as they do, then crypto currency will grow rapidly. I hope they recover from their loss in a short period of time.

 

[Sotherefore]

Seriously the crypto drop in value might be affecting the country as they are trying to grow their economy. But I believe that the price of bitcoins will return back to its original price , by then they will have enough opportunity to grow their economy the more.

 

[HayKay]

I think they should pull out now while it's early else they might have a lot of regrets. I'm surprised a country took this kind of financial advice to allow this type of unregulated market that much power.

 

[Sincerem]

The Bearish season is affecting El Salvador the most because they are among one of the countries with the highest hold of cryptocurrency like bitcoins. I'm still wondering how bitcoins at this stage is still helping to improve the economy of the country.

 

[Nomad]

I think they have not completely replaced their traditional finance with crypto finance. They still have their central bank money, they are just trying to replace bitcoin with USD for international trade.