Monday, 14 June 2021
Max Keiser Suggests El Salvador to Float Bitcoin ‘Volcano Bonds’ to Retire the IMF Loans
- Keiser pointed that El Salvador Bitcoin mining hubs powered by geothermal energy from volcanos can generate $250 million in excess revenues every year.
- He has asked Galaxy Partners to float $1 billion Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining output.
Last week, El Salvador passed the historic Bitcoin law making it the first country to make Bitcoin a legal tender. Soon as the Bitcoin law comes into action in the next 90 days, merchants will start accepting it against their goods and services.
However, the International Monetary Fund (IMF) raised objections citing legal and economic concerns relating to the new Bitcoin Law. Besides, the IMF also assured that they would grant a $1 billion loans to help the Latin American country to overcome the economic challenges.
However, Bitcoin evangelist Max Keiser has a suggestion to get rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. This suggestion came as El Salvador President Nayib Bukele is keen on developing green energy “Bitcoin mining hubs” by using the geothermal energy from the nations 22 major volcanic locations. Last week, the President tweeted:
“I’ve advised El Salvador to create new ‘Volcano Bonds’ backed by future bitcoin mining revenues to recapitalise their balance sheet and retire the IMF loans. I know of two banks in New York that are working on this now.
Property prices in El Salvador are set to triple this decade as several countries in the region; Argentina, Guatemala, Paraguay and others will announce shortly they are following El Salvador’s example”.
Keiser has also requested the Galaxy Investment Partners to float $1 billion in Bitcoin ‘Volcano Bonds’ in order to repay the IMF loan.
#bitcoin #digitalcurrency #cryptocurrency #cryptocurrencyprediction
No comments:
Post a Comment