El Salvador, which has been warned multiple times by the International Monetary Fund (IMF) about the risks of its debt, has profited from the rise of Bitcoin. President Nayib Bukele not only recently showcased the balance of his wallet, but also announced today (4/9) his intention to repurchase external debt due from 2025 to 2029, totaling approximately $1.7 billion.
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El Salvador seeks to repurchase $1.7 billion in bonds
Dollar-cost averaging one Bitcoin per day, accumulating 5,714 BTC
The Republic of El Salvador has officially launched a tender offer for its bonds due from 2025 to 2029, inviting bondholders to submit valid bidding plans by April 15 and settle on April 19.
According to its press release, El Salvador currently has three bonds maturing in 2025, 2027, and 2029, with an outstanding amount of approximately $1.75 billion.
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El Salvador’s substantial Bitcoin purchases have yielded impressive returns this year. President Nayib Bukele announced El Salvador’s “national wallet” on March 15 and nicknamed it the “first Bitcoin piggy bank.”
In addition, he stated that he would invest one Bitcoin per day, starting with the first investment on March 16 (which was 5,689 BTC at the time). Currently, he has accumulated 5,714 BTC, worth approximately $400 million.
Nayib Bukele
Bitcoin
El Salvador
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