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HomeBTCEl Salvador’s President Nayib Bukele is betting $1 Billion on Bitcoin

El Salvador’s President Nayib Bukele is betting $1 Billion on Bitcoin

Alejandro Zelaya, the Salvadoran Finance Minister, has stated that the country’s first $1 billion bitcoin bond issue will take place between March 15 and March 20. President Bukele said that he would use $500 million of the proceeds to build “Bitcoin City” and the other $500 million to buy even more Bitcoin and lock it up for five years when he first announced the Bitcoin bond on November 20, 2021 during a presentation at a Bitcoin Week event in the coastal town of Mizata.

National Public Radio (NPR), a privately and publicly funded non-profit media institution in the United States, discussed the Bitcoin revolution in El Salvador on Thursday. As you may recall, El Salvador’s Legislative Assembly passed a bill making Bitcoin legal cash on June 9, and the Bitcoin Law went into effect on September 7, 2021.

During a national address on June 24, 2021, Salvadoran President Nayib Bukele declared that the Bitcoin Law would take effect on September 7, 2021.

Do you believe in El Salvador’s Bitcoin vision? Comment below.

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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