Despite suffering big losses on its bitcoin bet, El Salvador plans to issue bitcoin-backed bonds, said country’s finance minister.
“We will not see results overnight. We can’t go to bed poor and wake up rich ” Alejandro Zelaya told Bloomberg wednesday. “New technologies have shown how people were afraid of things like websites & digital business in previous years, but time has shown that reality imposes itself.”
El Salvador, led by crypto-bull President Nayib Bukele, made bitcoin legal tender last year. According to Zelaya, the result has been increased access to financial services for locals, as well as an increase in tourism & investment.
He remains bullish on digital assets, despite the fact that the Central American nation has lost roughly half of its investment in 2,381 bitcoins, according to Bloomberg data shows.
“For some, it’s new and unfamiliar, but it’s a phenomenon that exists, is gaining ground, and will continue to-be around in the coming years,” Zelaya said.
El Salvador had intended to offer $1 billion in bitcoin bonds in March. However, due to unfavorable market conditions, the government postponed the offering.
When bitcoin was down 65 percent from its high in June, the finance official dismissed concerns, claiming that the financial risk was “extremely minimal.”
When the world’s largest cryptocurrency fell in value this year, Bukele frequently took to Twitter to announce the buying opportunity.
“El Salvador just bought the dip!” the millennial leader tweeted again on May 9. He stated that the government purchased another 500 coins for approximately $30,744 per token.