Bitcoin News- El Salvador lost over $35 million in investments.
- The nation blames market conditions and also the Ukraine conflict for that postponement.
El Salvador’s Finance Minister Alejandro Zelaya stated the Bitcoin (BTC) bond launch is going to be postponed because of difficult market conditions brought on by the continuing Russia-Ukraine conflict and overall crypto market volatility.
The federal government mentioned late year that in mid-March 2022, it’ll issue a $1 billion BTC bond, however they postponed it because of the market condition. Anything may be issued in June having a deadline of September 2022.
Alejandro Zelaya mentioned it’s not yet prepared to launch the Vulcano Bonds (bitcoin bonds) due to the cost of Bitcoin’s downtrend.
Second Time El Salvador Postponed BTC Bond
El Salvador was the very first country to acknowledge Bitcoin (BTC) as a kind of legal currency still, the text didn’t happen. This isn’t the very first time, the federal government consecutively postponed the Bitcoin bond for that second time.
Bitcoin continues to be facing a downtrend since hitting an archive all-time a lot of $68,789.63 in November, it’d lost 1 / 2 of its value and BTC was buying and selling at $29,566.48 USD during the time of writing.
El Salvador stated they previously lost over $35 million in investments. On May ninth during bitcoin dip, El Salvador transferred 500 BTC to the national treasury to create its total to two,301 tokens.
However, economists are positively discussing how El Salvador intends to meet its obligations. Including an $800 million bond which will expire in The month of january of the coming year.
