Volcano Bonds
El Salvador leads the way in governmental digital asset oversight. Their Digital Assets Commission and The National Bitcoin Office are hard at work this holiday season, preparing for a Q1 2024 launch of the countries highly anticipated Bitcoin-backed bond plans.
This plan is three years in the making. Those three years have been rough for Bitcoin, and crypto in general. While the countries Bitcoin balance was not profitable, a Bitcoin-backed bond was inadvisable. The recent thaw in the crypto winter means Volcano Bonds are making a comeback.
The overall concept of the Volcano Bond is to raise capital with the intention of starting a “Bitcoin City,” at the center of which is a billion-dollar Bitcoin mining project powered by El Salvador’s Conchagua Volcano. Everyone will love the environmentally conscious renewable-energy angle.
The stated financial targets are as follows: 10 year term, with 6.5% annual return to bond holders. The bonds will be available through Bitfinex Securities.
Freedom Visa
The Volcano Bond is not the only radical plan proposed by the extremely forward-thinking governmental groups noted above. For those laden with LOTS of Bitcoin, you can now apply for an El Salvador “Freedom Visa.” A one-million dollar equivalent Bitcoin donation, up to 1000 people can receive a visa to El Salvador and subsequently apply for citizenship.
In the first week alone, 153 people have applied. That’s 153 million dollars worth of Bitcoin that is now in the possession of the El Salvadorian government. Tether is helping them keep track of all this in some capacity – in fact, you can get the same deal using Tether tokens. I suspect we may see some copycat-countries in the near future.
