Bitcoin Won’t Ruin El Salvador – Nayib Bukele Will Pay Off His Debts

End of the black voices? Salvadoran President Nayib Bukele announced shock measures on sovereign debt, a way to silence the whistle to the detractors of the Bitcoin (BTC) who never stop singing, like a bird of bad omen, the imminent bankruptcy of the country.

A guarantee to silence the critics

The pastor’s response to the shepherdess: the government of El Salvador apparently wants to shut down the media, institutions and all natural and legal persons, who seem to take pleasure in foreseeing a future non-payment by the country.

On July 26, the president of El Salvador quelled the chuckle sent two bills in Congress, the purpose of which is to guarantee the repayment of all obligations of sovereign debt, maturing in 2023 and 2025. The total amount of bonds maturing in 2023 and 2025 each is $ 800 million.

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A well-structured acquisition project

To dispel any doubts about the country’s ability to honor its commitments, a provisional schedule for the repayment of the bonds was announced. The operation should begin in six weeksonce the appropriate administrative formalities have been completed.

Taking the point home, Nayib Bukele ensures that El Salvador has the liquidity it needs to redeem the bonds at any time, or even in advance, and the country will pay for each bond at the market price at the time of transactions.

Given that Nayib Bukele’s party holds 64 of the 84 votes in Congress, the implementation of this bond repurchase project should therefore not face a legislative veto.

Bitcoin hasn’t ruined El Salvador

These announcements by the President of El Salvador are a response to criticism from the International Monetary Fund and its supporters, who disapprove of the country’s decision to make Bitcoin legal tender.

El Salvador’s opponents in this field are rejoicing in the cryptocurrency winter, with Bitcoin dropping below $ 20,000 last June, and fails to resume the essential bullish support for the moment for a sustainable recovery. The bears remain in control of the markets and voice the “we told you so” coupled with other accusatory expressions.

These criticisms, of course, intentionally ignore Bitcoin’s potential ability to grow again in the medium and long term, and thus allow El Salvador to generate a substantial profit from its holdings. that the country continues to HODler despite the tremors.

People who were hoping or praying that El Salvador would default, after the country signed its partial emancipation from the traditional monetary system by legalizing Bitcoin, then they may have to pray even more to see their wish come true.

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