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El Salvador’s $1 billion Bitcoin bond offering has been postponed as a result of unfavorable market conditions.
Initially scheduled to launch between March 15-20, Finance Minister Alejandro Zelaya said on Tuesday on Salvadoran TV show “Frente Frente,” that the Russia-Ukraine war caused the government to change the date, due to its impact on Bitcoin prices.
Noting that he prefers the issuance to take place before end of April, Zelaya said:
“I think this is not the time. There are some moves on the planet.”
In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of Bitcoin bond.”
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The Finance Minister also said that the Bitcoin bond are oversubscribed to a figure of $1.5 billion.
El Salvador’s ambitious and pioneering “Bitcoin City”, announced in November 2021, will be funded with the sale of the bonds. Half of raised funds will be used for infrastructure and Bitcoin mining powered by geothermal energy. The other half to purchase Bitcoin.