El Salvador Bitcoin Volcano Bonds \ stacker news ~bitcoin

Hey Everyone- I recall in September of 2021 Nayib Bukele announced volcano bonds for El Salvador. From my understanding, this was to finance a pretty big city around the Conchagua volcano.

I understand these bonds are shitcoins, but I do think they could provide benefits to tradfi investors, but more importantly, help build a hub. As someone who visited El Salvador, it would be a pretty neat destination, but at the same time - I would hate for it to be a Disney World of Bitcoin (corporate, commercialized, and high prices).

Given the terms El Salvador is on with the IMF, World Bank & other three letter agencies, this seems the most sensible way for them to raise capital. What are everyone's thoughts on this? Is this a flopped project by Bukele and the administration? I'm just curious because it has been discussed by bitcoiners over the past couple of years, and big news outlets. It seems like many may have forgotten about this. Would love to hear your thoughts on this!

The link below shows the most recent status of this, and it seems like it received approval earlier this year.

https://gfmag.com/economics-policy-regulation/el-salvador-bitcoin-volcano-bonds/

21 sats \ 1 reply \ @NRS 4 Jul

Just the thought of a country collecting Bitcoin and directing some energy resources to mining is a success in itself, but in terms of numbers, I believe they have achieved impressive and record-breaking figures.

0 sats \ 0 replies \ @SatsMate OP 4 Jul

Yea I think it is huge! From my knowledge it has been oversubscribed - I just don't think the bonds have actually been issued yet.

0 sats \ 0 replies \ @Tutankhamun 4 Jul

While Nayib Bukele's volcano bonds for El Salvador hold potential benefits for both traditional finance investors and local development, there's a concern they might lead to commercialization akin to a "Bitcoin Disney World." Given the country's strained relations with institutions like the IMF and World Bank, this funding method seems practical, but its success and genuine impact remain to be seen.