El Salvador's leader wants to go in even bigger on bitcoin
After making the cryptocurrency legal tender, President Nayib Bukele plans to launch bitcoin-backed bonds to raise $1 billion for the country.
SAN SALVADOR, El Salvador — The president of El Salvador is making a huge bet on bitcoin with his country's treasury. President Nayib Bukele is hoping to launch bitcoin-backed bonds to raise $1 billion for the country.
Bukele wants to raise the funds through international cryptocurrency traders, and to avoid his critics in the United States, including at the International Monetary Fund.
Last year, Bukele got El Salvador to become the first nation to adopt bitcoin as legal tender, right alongside the national currency, the U.S. dollar.
The bitcoin bond launch would mark another first of its kind.
