“Volcano bonds”, the controversial bitcoin bet of El Salvador’s president

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El Salvador’s President Nayib Bukele plans to issue bitcoin debt papers to oxygenate public finances, but his offer of so-called “volcano bonds” may be unattractive to investors, economists warn.

With the approval of the Digital Assets Law on January 11, the president has opened the way for the issuance of bitcoin bonds for about US$1 billion.

However, a former president of the Salvadoran central bank doubts that the market will welcome them.

“I don’t think there is much appetite,” economist Carlos Acevedo told AFP.

In November 2021, at an international forum on bitcoin, Bukele announced he . . .

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