Bukele Takes to Twitter
On a lively Wednesday evening, El Salvador’s President Nayib Bukele didn’t hold back on Twitter, rebutting allegations from a Reuters report that Binance CEO Changpeng ‘CZ’ Zhao was swooping in to rescue the country’s much-anticipated Bitcoin bond. “Please don’t spread Reuter’s FUD,” he quipped to his impressive following of 3.6 million. The timing was perfect, as the original $1 billion bond offering had been postponed from mid-March to September—a delay that Bukele was eager to clarify.
What’s Causing the Delay?
In his tweet, Bukele emphasized that the postponement was not due to any magical intervention from CZ but instead was prioritizing internal pension reforms that needed to go through Congress first. The man clearly has a plan, even if it involves a few extra legislative hurdles. He stated that his discussion with CZ would actually revolve around “other issues,” which leaves the imagination running wild. What’s next? A coffee date to discuss world domination?
Your Friendly Neighborhood CTO
Paolo Ardoino, chief technology officer of Bitfinex, the bond’s underwriting partner, backed Bukele’s statements. He clarified that the hesitation surrounding the bond issuance is largely tied to legislative processes that have not yet been completed.
“Delays are just part and parcel of politics,”
Ardoino likely would have said if he were in a sitcom.
Geopolitical Instability: The Real Villain?
Earlier in the week, Finance Minister Alejandro Zelaya chimed in, attributing the bond postponement to geopolitical instability. The plot thickens! With tensions simmering globally, who knew that a little bond might be caught in the crossfire? But hold your ponies; Bukele seems unfazed—instead, he’s taking the opportunity to bolster his Bitcoin ambitions.
All About That Bitcoin City
The $1 billion bond aims to boost El Salvador’s Bitcoin reserves and finance the construction of the ambitious “Bitcoin City.” This futuristic metropolis is envisioned to harness geothermal energy from nearby volcanoes to power its Bitcoin mining ops and infrastructure. The city sounds like a Bitcoin paradise… or maybe just a really expensive college project. Half of the bond’s proceeds will be allocated for construction costs, while the remaining funds are aimed at directly investing in Bitcoin.
Bukele vs. US Government
Not one to let the drama die down, Bukele returned to Twitter just a few hours later to vent frustrations about the U.S. Government. He reacted to a proposed bill designed to minimize American exposure to El Salvador’s financial system due to Bitcoin’s legal tender status. “Never in my wildest dreams would I have thought that the U.S. Government would be afraid of what we are doing here,” he tweeted, throwing shade like a seasoned pro.
