El Salvador’s Bitcoin Gains Increase Significantly as it Announces Repurchase of $1.7 Billion External Debt.
El Salvador, which has been warned by the International Monetary Fund (IMF) multiple times about the risks of its debt, is now considering Bitcoin as legal tender. President Nayib Bukele, who has profited from the rise of Bitcoin, not only recently showed off his wallet balance, but also announced today (4/9) that the country plans to repurchase $1.7 billion of its external debt due between 2025 and 2029.
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El Salvador Seeks to Repurchase $1.7 Billion in Bonds
Daily Investment of One Bitcoin Accumulates 5,714 BTC
The Republic of El Salvador has officially launched a tender offer for its external debt due between 2025 and 2029, inviting investors holding its bonds to submit valid bidding plans by April 15th and settle the transaction on April 19th.
According to their press release, El Salvador currently has three bonds outstanding due in 2025, 2027, and 2029 with an outstanding amount of approximately $1.75 billion.
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El Salvador’s significant investment in Bitcoin has yielded impressive returns this year. President Nayib Bukele announced on 3/15 the country’s “national wallet” and referred to it as the “first Bitcoin piggy bank.”
In addition, he also stated that he would invest one Bitcoin daily, starting from 3/16 with the initial investment of 5,689 Bitcoins. The current total has reached 5,714 Bitcoins, worth approximately $400 million.
Nayib Bukele
Bitcoin
El Salvador
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