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<ul><li><keyword id="68460" type="General" weightage="20" keywordseo="El-Salvador" source="Orion">El Salvador</keyword> now has over 2000 <keyword id="6354947" type="General" weightage="100" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> in its coffers.</li><li>The country has bought the dip at least twice in the past.</li><li>El <keyword id="162384" type="General" weightage="80" keywordseo="salvador" source="Orion">Salvador</keyword> also plans to issue Bitcoin bonds in future.</li></ul>Buying the dip is sort of the first move a crypto trader learns when they’re getting into the market. So, it’s no surprise that El Salvador, which became the first country to make Bitcoin legal tender last year, has been doing the same. Amid a heavy sell-off on the <keyword id="6380571" type="General" weightage="20" keywordseo="crypto-market" source="Orion">crypto market</keyword> this week, the country expanded its Bitcoin treasury by adding 500 more Bitcoin to its coffers. The purchase brings El Salvador’s total Bitcoin purchase up to 2301 Bitcoin, which is worth approximately $71,209,507.20 based on Bitcoin’s price at the time of writing. Salvador’s president, Nayib Bukele, announced the purchase on Twitter, just like he has done before. The country bought the Bitcoin at approximately $30,744 and the price was at $30,895 at the time of writing, according to data from Coinmarketcap. <div type="twitter" handle="nayibbukele" handlename="Nayib Bukele" image="http://pbs.twimg.com/profile_images/1522068430396051458/6zEUwz-c_normal.jpg" favoritecount="87490" retweetcount="12444" status="El Salvador just bought the dip! 🇸🇻500 coins at an average USD price of ~$30,744 🥳#Bitcoin" createdat="1652123536000" id="1523742670044413954"></div>Bukele has made such announcements at least two <a href="https://www.businessinsider.in/investment/news/el-salvadors-president-bukele-says-the-country-purchased-25-million-worth-of-bitcoin-after-waiting-to-buy-the-dip-below-60000/articleshow/87338348.cms">times</a> in the past, in September and October last year. On those occasions, the country purchased 150 and 420 Bitcoin, respectively. <div type="Video" msid="90098503" hostid="261" title="Bitcoin &amp; El Salvador’s big bet on crypto" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=90098503"></div> The current purchase came at a time when the Bitcoin market fell by over 50% over the past week. The price of Bitcoin was down by just under 10% in the last 24 hours and just under 20% in the past seven days. It has fallen by over 25% over the past month. The country also plans to issue Bitcoin bonds later, though Bukele or anyone else from the administration haven’t confirmed the dates yet. In an interview earlier this month, <keyword id="12900789" type="General" weightage="20" keywordseo="Alejandro-Zelaya" source="Orion">Alejandro Zelaya</keyword>, the treasury minister of Salvador, had said that the Russia-Ukraine war is affecting the bond issuance and it is “waiting for the right moment” in order to issue these bonds. <div type="Article" hostid="261" msid="91109407" title="El Salvador's bitcoin experiment hasn't gained traction as locals continue to trust cash more than crypto, survey says" mstype="2" mssubtype="0"></div> Salvador’s acceptance of Bitcoin as a fiat currency in 2021 has been under much scrutiny, with global bodies like the International Monetary Fund urging the country to rethink its decision. Its Chivo Wallet had also met with early issues, as it struggled to keep up with transactions and users wouldn’t trust Bitcoin. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rainbow-childrens-medicare-makes-a-weak-debut-on-exchanges-as-it-lists-at-a-6-discount/articleshow/91458342.cms">Rainbow Children’s Medicare makes a weak debut on exchanges as it lists at a 6% discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/prudent-corporate-advisory-services-ipo-opens-today-gmp-already-at-30-per-share/articleshow/91441402.cms">Prudent Corporate Advisory Services’ IPO opens today – GMP already at ₹30 per share</a>

El Salvador buys the dip again, brings its Bitcoin tally up to 2301 tokens

<ul class="summary-list"><li>El Salvador's finance minister said the country still plans to issue a bitcoin bond using blockchain technology, Bloomberg reported. </li><li>The nation purchased 2,381 bitcoin tokens with public funds since making the crypto legal tender last year. </li></ul>Despite suffering heavy losses on its bitcoin bet, El Salvador still intends to issue bitcoin-backed bonds, the country's finance minister said."We aren't going to have results overnight. We can't go to bed poor and wake up millionaires," Alejandro Zelaya told <a href="https://www.bloomberg.com/news/articles/2022-07-28/el-salvador-s-bitcoin-bet-is-working-finance-minister-says?srnd=markets-vp">Bloomberg</a> Wednesday. "New technologies have shown how people in previous years were afraid of things like websites and digital business, but it's been shown through time that reality imposes itself."Led by crypto-bull President Nayib Bukele, El Salvador adopted bitcoin as legal tender last year. The result has been increased access to financial services for locals, as well as a rise in tourism and investments, according to Zelaya.He remains bullish on digital assets even though the Central American nation has lost roughly 50% on its investment in 2,381 bitcoins, Bloomberg data shows. "For some, it's something new and something they don't entirely understand, but it's a phenomenon that exists and is gaining ground and will continue to be around in the coming years" Zelaya said.El Salvador initially planned to offer $1 billion in bitcoin bonds in March. But the government postponed the offering due to unfavorable market conditions. In June, when bitcoin was down 65% from its high, the finance official shrugged off concerns, positing that the financial risk was "extremely minimal."On several occasions this year when the world's biggest crypto dropped in value, Bukele often would take to <a href="https://twitter.com/nayibbukele/status/1453461587948445697?s=20&amp;t=XNbqgNhmf2PYrnGRsrlZog">Twitter</a> to declare the buying opportunity. On May 9, the millennial leader tweeted again: "El Salvador just bought the dip!" He said the government bought another 500 coins at roughly $30,744 per token.

El Salvador still has plans for a bitcoin bond even as the country sees a 50% loss on its crypto investment

<ul class="summary-list"><li>El Salvador said Tuesday it will buy back $1.6 billion in sovereign bonds to avoid default.</li><li>Bitcoin-bull President Nayib Bukele tweeted that he would ensure the nation has the available funds to make bond purchases. </li></ul>El Salvador announced Tuesday it would move to buy back $1.6 billion in its own bonds as it attempts to steer away from a default.Since the Central America nation adopted bitcoin as legal tender last September, its bonds have traded at steep discounts.Crypto-bull President Nayib Bukele took to <a href="https://twitter.com/nayibbukele/status/1551983886212775936">Twitter</a> to describe the country's next moves. "Today we are sending 2 bills to Congress to ensure that we have the available funds to make a transparent, public and voluntary purchase offer to all the holders of Salvadoran sovereign debt bonds from 2023 to 2025 at whatever the market price is at the time of each transaction," Bukele tweeted. He added that El Salvador has the liquidity to meet all of its commitments on schedule and purchase its own debt in advance.The debt buybacks will begin in six weeks, Bukele said, and they will occur at market price.Finance Minister Alejandro Zelaya said the government would begin purchasing debt using special drawing rights from the International Monetary Fund and a loan from the Central American Bank for Economic Integration."We are ensuring the availability of funds to offer our bondholders an early purchase option for the debt, which will be public and will respect market regulations," Zelaya said at a press conference.After the announcement, El Salvador's sovereign debt value rose. Bonds maturing in 2023 jumped about 10 cents on the dollar to trade at 86 cents, and 2025 bonds hit their highest mark since April. In May, Moody's downgraded the country's debt rating deeper into junk range, citing an estimated, unrealized bitcoin loss of about $57 million.According to Bloomberg data, El Salvador has purchased roughly 2,300 bitcoin since making it legal tender last year — and the token has dropped more than 50% in that stretch amid a broader crypto bear market. But <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6">Zelaya has not signaled concern</a>. "When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile," he told media in June. "<a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6">The fiscal risk is extremely minimal</a>."

El Salvador aims to avoid default with $1.6 billion bond buyback as the nation caps off its first year with bitcoin as official currency

<ul class="summary-list"><li>Since <keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> made <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> legal tender last September, the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> token has plunged in value. </li><li>The country, led by bitcoin-bull President <keyword id="11931679" type="UNKNOWN" weightage="60" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword>, holds 2,301 bitcoins, per Bloomberg data.</li></ul>Bitcoin has cratered as investors shed riskier assets amid Fed rate hikes, and El Salvador has seen its token holdings plunge. The Central American country — which made the cryptocurrency <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9">legal tender</a> in September — has purchased 2,301 bitcoins since then, per <a href="https://www.bloomberg.com/news/articles/2022-05-09/el-salvador-buys-bitcoin-dip-adding-500-coins-to-crypto-holding?sref=ctSjKj2N">Bloomberg</a> data. In that time, the token has dropped about 50% and is now at its lowest since 2020. Still, El Salvador's Finance Minister Alejandro Zelaya expressed little concern Monday. "When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile," Zelaya said at a press conference, <a href="https://www.reuters.com/markets/us/el-salvador-minister-says-bitcoin-crash-poses-extremely-minimal-fiscal-risk-2022-06-13/">Reuters</a> reports. "The fiscal risk is extremely minimal."He cited an earlier estimate from Deutsche Welles that said El Salvador's portfolio had lost $40 million in value: "Forty million dollars does not even represent 0.5% of our national general budget."On Tuesday, the price of one bitcoin continued to sell off, falling 2.3% to about $22,667. It's now about 65% below all-time highs. On Monday, the entire cryptocurrency market dipped <a href="https://markets.businessinsider.com/news/currencies/crypto-market-value-1-trillion-bitcoin-winter-ethereum-inflation-cardano-2022-6">below $1 trillion for the first time since February 2021,</a> after soaring above $3 trillion last year.After previous sell-offs, El Salvador has increased its bitcoin holdings. In October, El Salvador bought <a href="https://twitter.com/nayibbukele/status/1453461587948445697">420 bitcoins</a> at roughly $60,300 per token, which crypto bull President Nayib Bukele announced on <a href="https://twitter.com/nayibbukele/status/1453461587948445697">Twitter</a>. More recently on May 9, the millennial president tweeted: "El Salvador just bought the dip!" He added that the government snapped up another 500 coins at roughly $30,744. The crypto market has largely tracked stocks this year, which have been throttled by Fed rate hike concerns. Investors have fled from positions in so-called risk assets, and analysts say Wednesday's central bank announcement could rock <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> further.

As bitcoin craters 65% from its high, El Salvador's finance minister said the fiscal risk is 'extremely minimal'

<ul class="summary-list"><li><keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> has lost $56 million on its <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> bullishness, according to calculations by Bloomberg. </li><li>On Tuesday, President <keyword id="11931679" type="UNKNOWN" weightage="60" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword> hinted on Twitter that he may buy the dip.</li></ul>The bitcoin crash that has seen over 65% of the token's value erased is hitting El Salvador in a big way after it approved the crypto as legal tender in September. The country has lost roughly $56 million by betting on bitcoin, <a href="https://www.bloomberg.com/news/articles/2022-06-15/el-salvador-s-big-bitcoin-gamble-backfires-to-deepen-debt-woes">according to calculations by Bloomberg</a>, which tracked purchases using President Nayib Bukele's tweets.Since September, El Salvador has bought 2,301 bitcoins for an average of $45,908 per token and at a total cost of about $105.6 million. On Wednesday, bitcoin was down 3.8% at $21,339, marking the ninth consecutive drop and the longest losing streak since 2014. Despite the setback, Bukele suggested Tuesday in a <a href="https://twitter.com/nayibbukele/status/1536800544894902274?s=20&amp;t=OZowQt2xtNrKYDFDMLC6_A">tweet</a> that he may be looking to buy the dip. The Central American nation has an $800 million bond payment due in January, and the bitcoin slump has raised concerns for cash-strapped El Salvador. According to Bloomberg, El Salvador's dollar debt is the worst-performing in Latin America this year.On Monday, Finance Minister Alejandro Zelaya, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6">expressed little concern about the bitcoin turmoil</a>. "When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6">the only thing I can do is smile</a>," he said at a press conference, <a href="https://www.reuters.com/markets/us/el-salvador-minister-says-bitcoin-crash-poses-extremely-minimal-fiscal-risk-2022-06-13/">according to Reuters</a>. "The fiscal risk is extremely minimal."

El Salvador's lost $56 million on its bitcoin bet after massive rout – but its crypto-bull president hints he may buy the dip

<ul class="summary-list"><li><keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> still plans to offer its $1 billion <keyword id="13391500" type="UNKNOWN" weightage="60" keywordseo="bitcoin-bond" source="Orion">bitcoin bond</keyword> sometime this week.</li><li>But the country's finance minister said the precise timing is an issue as he didn't expect the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> war.</li></ul><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s attack on Ukraine is complicating El Salvador's timing in issuing its $1 billion <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-bond-special-dividend-bitcoin-city-president-bukele-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bitcoin bond</a>.El Salvador, the Central American country that adopted <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> as a <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">legal tender</a> last year, announced in November its plans for a crypto-backed bond and said February 8 that it would come as soon as Wednesday. But the country's finance minister said now there is a "timing issue," <a href="https://www.reuters.com/technology/el-salvador-says-could-launch-bitcoin-sovereign-bond-between-march-15-20-2022-03-11/">Reuters reported</a>."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," El Salvador Finance Minister Alejandro Zelaya told a local TV station on Friday, according to Reuters.Just two weeks after El Salvador announced the window for its bitcoin bond, Russia launched a full-scale attack on Ukraine, which has sparked international outrage. The West has responded with sanctions that have led bond <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> to broadly expect a default by Moscow, among other impacts.El Salvador has been pushing into <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> thanks largely to its millennial president <a href="https://markets.businessinsider.com/news/currencies/el-salvador-president-nayib-bukele-leads-bitcoin-meme-stock-generation-2022-2">Nayib Bukele</a>, who has become known for trading bitcoin on his phone with government funds. When he announced the country's $1 billion bitcoin bond in November, he said he planned for half the funds to go toward a "bitcoin city" and the rest toward more crypto purchases.As of late February, El Salvador had <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-bond-commitments-5-billion-more-coming-2022-2">reportedly received</a> $500 million in verbal commitments for its bond and discussed plans to issue billions more in bitcoin-backed financing in the future. A representative from the president's office and from Blockstream, which is supporting the bond with blockchain technology, did not immediately respond on Insider's request for comment on the timing of the bond.

El Salvador is about to issue its billion-dollar bitcoin bond though the timing is tricky — 'I didn't expect the war in Ukraine'

<ul><li>The <keyword id="68460" type="General" weightage="20" keywordseo="el-salvador" source="Orion">El Salvador</keyword> government is working on legislation to issue $1 billion <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> bonds.</li><li>In an interview, El Salvador’s Finance Minister said the government wants to provide a “legal structure” for those interested in bitcoin bonds.</li><li>In September last year, El Salvador became the first country to accept Bitcoin as legal tender.</li></ul>After creating history by becoming the first nation to adopt Bitcoin as legal tender, El Salvador is now working on legislation that will create a framework to issue $1 billion Bitcoin bonds. In an <a href="https://www.youtube.com/watch?v=fBklFtxSv7U">interview</a> with the local media, El Salvador’s Finance Minister Alejandro Zelaya said that the government has prepared 20 bills that will establish the legal and financial framework for <a href="https://coindcx.com/">bitcoin</a> bonds. However, there has been no indication of the timeline for this legislation to be submitted further to lawmakers. <div type="ExtQuote" text="[The Bitcoin Bonds] need a regulation, a legal framework because we don’t have a law to issue crypto backed securities, we don’t have a law to oversee exchanges." auname="Alejandro Zelaya, Finance Minister of El Salvador said in an interview with local media."></div> <a href="https://www.businessinsider.in/investment/news/el-salvador-will-launch-bitcoin-bond-that-pays-special-dividend-amid-plans-for-new-crypto-city/articleshow/87855057.cms">First proposed</a> in November 2021, the government is looking to issue Bitcoin bonds worth $1 billion to investors – half of the funds raised would be used to buy Bitcoin, and the other half would be spent on infrastructure. This is expected to fund their ‘<keyword id="12576429" type="General" weightage="20" keywordseo="bitcoin-city" source="Orion">Bitcoin City</keyword>’, which is <a href="https://bitcoinist.com/elsalvador-could-approve-bill-support-bitcoin-bonds/">estimated</a> to cost 300,000 Bitcoin to build. The bonds would have a term of ten years and carry an annual interest of 6.5 per cent to attract investors. The Bitcoin bonds are expected to be issued through<a href="https://blog.blockstream.com/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network/"> Blockstream</a>, as tokenised bonds on the Liquid network. <cmsannotation type="cmsannotation" annotationid="Bukele doubles down on Bitcoin!" comment="subhead" text="Bukele doubles down on Bitcoin!">Bukele doubles down on Bitcoin!</cmsannotation> On Jan 2, El Salvador’s crypto-loving President <keyword id="7289943" type="General" weightage="20" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword> tweeted his top five predictions for 2022 - this included “Volcano bonds getting oversubscribed.” <div type="twitter" handle="nayibbukele" handlename="Nayib Bukele 🇸🇻" image="http://pbs.twimg.com/profile_images/1462280128193572865/FmO8HZue_normal.jpg" favoritecount="37722" retweetcount="7164" status="2022 predictions on #Bitcoin:•Will reach $100k•2 more countries will adopt it as legal tender•Will become a maj… https://t.co/hSIqs47Dxf" createdat="1641089985000" id="1477464599612076038"></div> After making Bitcoin a legal tender in September 2021, President Nayib Bukele has been doubling down on the world’s oldest cryptocurrency. He announced the launch of Bitcoin bonds, also known as Volcano bonds in November last year. El Salvador is also launching the world's first "Bitcoin City," funded by cryptocurrency – to be built next to Conchagua volcano in the southeastern part of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/sam-bankman-fried-says-crypto-has-a-chance-of-a-tidal-wave-of-institutions-jumping-in-this-year-if-they-get-clear-regulations/articleshow/88692865.cms">Sam Bankman-Fried says a tidal wave of institutions could jump into crypto in 2022, if they get clear regulations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/sales-of-bored-ape-yacht-club-nfts-jump-past-1-billion-amid-heightened-interest-from-celebrity-collectors/articleshow/88696528.cms">Sales of Bored Ape Yacht Club NFTs jump past $1 billion amid heightened interest from celebrity collectors</a>

El Salvador is preparing for Bitcoin bonds – government will present 20 bills to lawmakers for regulating cryptocurrency

<ul class="summary-list"><li>The recent <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> slump has cost <keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> about $10 million in losses, Bloomberg estimated. </li><li>Led by bitcoin-loving <keyword id="11931679" type="UNKNOWN" weightage="60" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword>, the country has bought at least 1,391 bitcoins.</li><li>El Salvador's aggressive bitcoin buying spree, particularly in moments when the coin's price is down, began in September.</li></ul>The recent <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> slump has not only affected retail and institutional investors but also the only nation where bitcoin is legal tender: El Salvador.The Central American country, led by bitcoin-loving Nayib Bukele, has bought at least 1,391 bitcoins using public funds, according to <a href="https://www.bloomberg.com/news/articles/2022-01-12/bitcoin-trading-president-likely-loses-money-for-el-salvadorans?srnd=markets-vp">Bloomberg</a>, which estimated the holdings based on the president's tweets. This means El Salvador would have shelled out roughly $71 million at an average purchase price of $51,056 per coin based on Bloomberg's tally, which took into account the time and day Bukele tweeted.And working on the assumption that Bukele's government has not sold any of its bitcoin holdings, its portfolio would now have seen roughly a 14% loss, down to $61 million based on Wednesday's price.The actual performance is unknown as the government's buying process, as well as its bitcoin address, is shrouded in mystery. Bloomberg reported that Finance Minister Alejandro Zelaya said last week that El Salvador had converted some bitcoins back into US dollars, but further details were scarce.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Bitcoin</a> on Monday dipped below $40,000 for the first time since September 2021. At that point, the coin had tumbled by roughly 40% from its record high of $69,000 in November. Bitcoin has since bounced back to trade 2.5% higher at $43,785 as of Wednesday afternoon in New York.El Salvador's aggressive bitcoin buying spree, particularly in moments when the coin's price is down — also known as buying the dip — began in September. This was the same month the Central American nation adopted the cryptocurrency as legal tender, making it the <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">first country in the world</a> to elevate bitcoin to that status.This move propelled the 40-year-old president to fame, especially among the crypto crowd. Bukele has since unveiled one ambitious plan after another, with bitcoin as the central theme.One of the <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-bond-special-dividend-bitcoin-city-president-bukele-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">initiatives</a> he announced in November involved building a new city that will be funded by bitcoin, which he said will be built next to the Conchagua volcano in southeastern El Salvador. Another one included fast-tracking citizenship for investors who hold $100,000 in "volcano bonds" for five years. El Salvador had announced plans late last year to issue <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-bond-special-dividend-bitcoin-city-president-bukele-2021-11">$1 billion in bonds</a> to buy more bitcoin. Despite the recent crypto slump, Bukele has remained bullish. At the start of the year, he <a href="https://markets.businessinsider.com/news/currencies/bitcoin-outlook-el-salvador-president-nayib-bukele-100000-price-100k-2022-1">predicted</a> bitcoin would hit the $100,000 milestone by the end of 2022 and teased his Twitter followers of an upcoming huge surprise.

Bitcoin trading losses may have cost El Salvador $10 million amid crypto slump, report says

<ul class="summary-list"><li><keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword> requested the <keyword id="6354424" type="DEFINITION" weightage="60" keywordseo="world-bank">World Bank</keyword>'s help in making <keyword id="11462438" type="UNKNOWN" weightage="60" keywordseo="bitcoin-legal-tender">bitcoin legal tender</keyword> in the country.</li><li>But the international organization swiftly rejected the plea, citing climate and crime concerns.</li><li>The Central American nation is the world's first to officially adopt the cryptocurrency.</li></ul>El Salvador has asked the World Bank for help implementing <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> as legal tender, only to be swiftly rejected, with the international organization citing the cryptocurrency's climate impact and lack of transparency as the reason.The Central American country became the first in the world to <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">vote to make bitcoin legal tender</a> last week.On Wednesday, El Salvador's finance minister Alejandro Zelaya said the country had asked the World Bank for technical assistance in making the move become a reality. Yet the international organization - which provides financing and economic support to developing countries - quickly declined the request."While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings," a World Bank spokesperson told Insider.The World Bank is one of many institutions to highlight bitcoin's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">environmental impact</a>. And its concerns about the cryptocurrency's transparency echo those of <a href="https://www.businessinsider.com/bitcoin-enabled-criminal-money-laundering-regulated-ecb-president-says-2021-1">central banks</a> and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-crime-regulator-bizarre-concern-monetary-nic-carter-crypto-2021-5-1030474787">regulators</a> around the world, who worry it is used for money laundering and drug crime.The computing process that secures the network and creates new bitcoins is incredibly energy intensive, using as much energy each year as whole countries, <a href="https://cbeci.org/cbeci/comparisons">according to research by Cambridge University</a>.El Salvador's request for help, and rejection, are signs that implementing bitcoin as a national tender may be more easily said than done. The government plans for bitcoin to be used for everyday payments and transactions alongside its current legal tender, the US dollar.The International Monetary Fund last week said it has <a href="https://markets.businessinsider.com/news/stocks/imf-international-monetary-fund-risk-el-salvador-bitcoin-legal-tender-2021-6-1030512990">legal and economic concerns</a> about the move. IMF spokesperson Gerry Rice told a press briefing: "Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them."Nonetheless, El Salvador's decision boosted bitcoin, which had fallen as low $31,000 in early June. The cryptocurrency traded at $39,220 on Thursday, up around 1.8% for the day.

You Searched For "Alejandro Zelaya" and got 9 results

El Salvador buys the dip again, brings its Bitcoin tally up to 2301 tokens

BI India Bureau

El Salvador still has plans for a bitcoin bond even as the country sees a 50% loss on its crypto investment

Phil Rosen

El Salvador aims to avoid default with $1.6 billion bond buyback as the nation caps off its first year with bitcoin as official currency

Phil Rosen

As bitcoin craters 65% from its high, El Salvador's finance minister said the fiscal risk is 'extremely minimal'

Phil Rosen

El Salvador's lost $56 million on its bitcoin bet after massive rout – but its crypto-bull president hints he may buy the dip

Phil Rosen

El Salvador is about to issue its billion-dollar bitcoin bond though the timing is tricky — 'I didn't expect the war in Ukraine'

Natasha Dailey

El Salvador is preparing for Bitcoin bonds – government will present 20 bills to lawmakers for regulating cryptocurrency

Madana Prathap

Bitcoin trading losses may have cost El Salvador $10 million amid crypto slump, report says

Isabelle Lee

The World Bank rejects El Salvador's request for help implementing bitcoin due to the token's climate impact

Harry Robertson

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