Max Keiser, a popular Bitcoin bull, has advocated for Bitcoin as legal tender in El Salvador. Keiser has applauded the Bitcoin law in El Salvador, saying that it is a “great option” for the country.
The president of El Salvador, Nayib Bukele, has been facing much opposition regarding the country’s Bitcoin law due to the volatility of cryptocurrencies.
El Salvador could be “Bitcoin’s Wall Street”
Keiser stated that El Salvador’s Bitcoin law could transform the Central American Country into “Bitcoin’s Wall Street”. With Bitcoin being regulated as legal tender, it could attract a lot of crypto capital in El Salvador.
Keiser referenced the growth of London before Brexit, where the UK capital was one of the largest financial hubs globally and comprised the majority of European bonds. El Salvador could become a financial hub in Central and Latin America by integrating Bitcoin into its financial system.
Keiser said,
The interest of Salvadoran citizens in Bitcoin has grown because Salvadorans have their own bank account on their phones. People who were not banked, which was 70% or more, now with Chivo wallet and other wallets have the opportunity to have financial services.
El Salvador’s Bitcoin bonds
Keiser has stated that El Salvador’s Bitcoin bonds were a “huge innovation” in the financial sector. These bonds would be launched with Blockstream’s Liquid, a Bitcoin-based service.
Keiser stated that he was behind the idea of having Volcano Bonds backed by future Bitcoin mining revenues. The bonds would shield the country against the International Monetary Fund (IMF) loans.
The Minister of Finance in El Salvador, Alejandro Zelaya, stated that the first $1 billion Bitcoin bond would be issued between March 15 and March 20. Bukele said that half of the amount raised from the bonds would generate the energy needed to create a Bitcoin mining facility. The other half would be used to purchase more BTC for the country.
Despite El Salvador’s efforts to adopt Bitcoin as legal tender, the country has made major losses from its BTC holdings due to the current market volatility.
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