Bitcoin has become a world phenomenon after President Trump’s victory at the polls and the possibility of a strategic bitcoin reserve being created in the future. In this context, the personal cryptocurrency advisor of President Nayib Bukele and bitcoin permabull Max Keiser, has presented an idea to give the country more muscle to continue purchasing bitcoin in bulk.
On social media, Keiser asked if El Salvador should follow Microstrategy’s bitcoin scheme, allowing the country to issue debt to purchase more bitcoin without putting its own money.
Keiser asked:
Should El Salvador — once they sign the Bitcoin Bank already passed by Congress — issue a similar security to buy more bitcoin collateralized by the country’s $600M stack of BTC?
More than 80% of the respondents think this would be a good thing for the country, with over 1,500 users taking part in the informal survey. Currently, El Salvador holds 5,940 BTC, and President Nayib Bukele compromised to purchase 1 BTC daily until the currency becomes unaffordable with fiat money.
Read more: El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele
If El Salvador adopts a policy inspired by Microstrategy’s actions, it would be the first time a nation-state enters into a deal of this kind, with all the risks that it would carry with it. Nonetheless, El Salvador’s record on executing bitcoin-linked policies is far from stellar.
The country still has not issued the so-called “volcano bonds,” instruments first announced in 2021 to finance the construction of Bitcoin City, a bitcoin-focused metropolis that has not been built yet. The bonds aimed to raise $1 billion for this objective, but they have been delayed several times due to unfavorable conditions, and the government has not officially referred to them in some time.
Read more: El Salvador to Issue $1 Billion Bitcoin Bond to Fund ‘Bitcoin City’
Also, the track of this kind of offering in the country is not positive. The first digital debt offering, made to raise funds to build a Hilton hotel at El Salvador International Airport, failed to get traction. The offer did not reach the $500,000 needed to continue past the first established deadline.
Read more: First Digital Debt Offering Fails to Get Traction in El Salvador
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