USD-Denominated Debt Is Now Being Issued To Buy Bitcoin On Nation-State Level
The El Salvador and Blockstream partnership to issue cheap, U.S. dollar-denominated debt to directly buy bitcoin is a new version of speculative attack.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Over the weekend, the president of El Salvador, Nayib Bukele, and Blockstream announced the issuing of a $1 billion U.S. “Bitcoin Bond” on the Liquid Network. This comes directly after the International Monetary....
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Investors have grown weary of El Salvador’s dollar debts as the country further adopts Bitcoin, meanwhile the IMF has recommended that BTC not be used as legal tender. El Salvador’s dollar-denominated bonds have fallen to an all-time low as the Central American nation’s debt started trading in "distressed territory" this week. El Salvador’s USD bonds fell to 64.4 cents to the dollar on Monday, Nov. 22, following the weekend news that the Central American country would use Bitcoin (BTC) bonds to fund its Bitcoin City initiative. Dollar bonds have fallen steadily since April 2021 when they....
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