El Salvador’s millennial president launching Bitcoin ‘volcano bond’ in major bet on cryptocurrency craze

El Salvador’s millennial president launching Bitcoin ‘volcano bond’ in major bet on cryptocurrency craze

El Salvador may sell debt backed for the first time ever by Bitcoin this week in a closely watched move that could help it avoid a rescue by the International Monetary Fund.

The so-called volcano bond, amounting to $1 billion, would be in part used to finance the creation of “Bitcoin City,” where the digital coins are mined using geothermal energy in the latest gamble by El Salvador President Nayib Bukele, 40.

“We believe that between March 15 and 20 is the right timing; we have the tools almost finished. But the international context will tell us…I didn’t expect the war in Ukraine,” Finance Minister Alejandro Zelaya told a local TV channel.