Bitfinex Says Customers Ready to Splurge USD 0.5B on El Salvador’s Bitcoin Bonds
The crypto exchange Bitfinex, which will host the issuance of El Salvador’s much-talked-about bitcoin (BTC) bonds, says that it has already received “half a billion dollars” worth of interest in the offering from its customers.
The Financial Times quoted Bitfinex Chief Technology Officer Paolo Ardoino as stating:
“Some of our users have proactively reached out to us to express their interest. They are definitely interested in participating in this but they are waiting for the details to be published.”
The same media outlet quoted an unnamed “industry executive who has experience of working with Bitfinex” as stating:
“There is a ton of wealth that is outside the banking system and wants to remain outside it.”
The unnamed executive added that such investors were willing to buy government debt “in a crypto-friendly manner” even if they stood to “make less in terms of returns.”
Ardoino confirmed that Bitfinex is effectively playing a waiting game, admitting that “fuller details of the terms of the bond” would not emerge until the government unveils its new securities legislation – which Bukele says is “in the oven.”
Ardoino said:
“The timeline for that could be from one week to a couple of months. That’s the main blocker for us to move forward.”
The Financial Times also quoted “people close to the project” as “betting that big players in the crypto community” would view the bonds as “an attractive investment, despite the relatively low returns and uncertainties surrounding them.”
The media outlet also quoted more unnamed “people involved in the project” as claiming that investors liked the idea of the bonds’ “world-first” status, adding:
“There is a desire to be part of something so groundbreaking.”
But the media outlet also pointed to
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