Monday, January 30, 2023
HomeBitcoinEl-Salvador’s $1 Billion Volcano BTC Bonds Delayed!

El-Salvador’s $1 Billion Volcano BTC Bonds Delayed!

  • Volcano Bonds delayed from their fore said launch date.
  • Supposed to be launched on 21, March 2022.
  • Honduras to become the second country to make BTC as legal tender.

El-Salvador rose to world fame and indeed will be throughout the future, for being the first nation in the whole world to officially make Bitcoin (BTC), one of its legal tender. And as we all know, the man behind all such ambitions is the President of El-Salvador, Nayib Bukele.

Though making his country first among the world in terms of BTC legal tender, Bukele didn’t just stop there. Soon after making BTC officially as legal tender, Nayib Bukele brought out many plans all revolving around BTC evidently. With all that into effect, once accomplished, Nayib Bukele will indeed make El-Salvador, the BTC nation of the world. 

Among them is the ‘Bitcoin City’ project for El-Salvador. This is ought to be a complete city fully and completely to be financed through BTC, and everything in the city will revolve around BTC. Besides, even the whole city is designed to be in the shape of a coin. 

Why Volcano Bonds Delayed?

In spite of all this, the President Nayib Bukele, announced a BTC bond of $1 Billion for the Bitcoin City project. In this 50% of the bonds will be towards acquiring BTC and the rest will be towards the building up of a geo-thermla power plant, which will be built on the base of Conchagua Volcano in El-Salvador. 

Moreover, the main highlight is that as the Bitcoin City will be shopped with BTC mining firms, this geothermal power plant is said to provide the Bitcoin City with all the power necessary. With all this into account, the date for the official launch of the Volcano Bonds was said to be between March 15, to March, 20, 2022. However, no such bonds were officially released. 

Despite all the facts and sources to collect the information, yet it still is a question mark, when it will be launched out. Besides, the President too, keeps mum, without uttering anything. Also, these volcano bonds were said to be active for a period of 10 years, with 6.5% annual interest. 

Yet, the reason why the delay is getting prolonged, still remains a secret yet to be revealed.

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