El Salvador's Bitcoin profits grow, announces buyback of $1.7 billion in foreign debt
El Salvador, which has been warned by the International Monetary Fund (IMF) multiple times about its debt risks, has recently profited from the rise of Bitcoin. President Nayib Bukele not only displayed his wallet balance publicly, but also announced on 4/9 that the country will be repurchasing $1.7 billion of external debt due between 2025 and 2029.
Today we have officially launched the purchase offer for our external debt due from 2025 to 2029 πΈπ»
All holders of bonds of the Republic of El Salvador can access this public and voluntary repurchase.
More information here:https://t.co/LSXxN7cZjX
β Nayib Bukele (@nayibbukele) April 8, 2024
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El Salvador Seeks to Buy Back $1.7 Billion in Bonds
The Republic of El Salvador has announced the official launch of a tender offer for its external bonds maturing between 2025 and 2029, inviting bondholders to submit valid tender proposals by April 15th and settle on April 19th.
According to their press release, El Salvador currently has three bonds maturing in 2025, 2027, and 2029 with an outstanding amount of approximately $1.75 billion.
Daily Investment of One Bitcoin Accumulates 5,714 BTC
El Salvador's significant investment in Bitcoin has shown remarkable returns this year. President Nayib Bukele announced the country's "national wallet" on 3/15, referring to it as the "first Bitcoin piggy bank."
In addition, he stated that they would invest one Bitcoin daily, starting from 3/16 with the initial investment of 5,689 BTC. The total has now accumulated to 5,714 BTC, valued at approximately $400 million.
