On Thursday, March 24, El Salvador’s President, Nayib Bukele, announced that he would meet with Changpeng Zhao, the founder and CEO of Binance. Many speculated that his meeting would be about the El Salvador Bitcoin bond, given that it came on the heels of the announcement of the bond. President Bukele, on the other hand, turned to Twitter to emphasise that it had nothing to do with the El Salvador Bitcoin bond. He clarified that Bitfinex, not Binance, would be the one to issue the bond.
President Bukele revealed that he met with Changpeng Zhao to talk about things other than the Bitcoin bond. El Salvador’s adoption of Bitcoin as legal cash is said to be the topic of discussion during the summit. The Central American country is looking for advice on how to increase Bitcoin adoption. CZ is now in El Salvador, joined by Milena Mayorga, the Salvadoran ambassador to the United States.
Mayorga said Zhao’s visit was a statement of confidence in Bukele’s decision to make bitcoin legal cash in September, as well as its proposal to issue bitcoin-backed bonds. El Salvador was commended for being a pioneer in the use of bitcoin, and Zhao said Bukele’s presidency would be remembered for its “heroic” bet on the future. The country’s adoption of bitcoin has been hampered by widespread distrust of the cryptocurrency, which has lost a significant amount of value since hitting a peak in early November.