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Облог од 1 милијарда долари на Ел Салвадор за градот биткоин. Дали вреди?




El Salvador’s interest in Bitcoin has not dwindled one bit. Since the president announced that the country would accept Bitcoin as a legal tender, it has sought more strategic moves to solidify this claim. While many world leaders and notable economists received the decision as an unnecessary gamble, it has not deterred the plan for El Salvador to be a Bitcoin city. Recently, the government pledged a $1B BTC bond to support its claim of an all-inclusive community for Bitcoin traders. El Salvador seems to be doing everything right, and we’ll look at what the $1B bond Investment means to the cryptocurrency world and how their choices can influence the general crypto market news.

El Salvador’s $1 billion bet

Трката за првиот град на Биткоин се вжештува неколку месеци, но се чини дека Ел Салвадор зазеде навидум неприкосновено водство во потегот за масовно усвојување. На неделната конференција направена за лансирање на новоразвиениот град Биткоин, претседателот Најиб Букеле, објави дека ќе има првично финансирање од 1 милијарда долари за прослава на легализацијата на криптовалутите и мејнстрим усвојувањето во земјата. За разлика од она што веројатно мислите, градот не се нарекува град Биткоин бидејќи Биткоинот во секој случај е легализиран таму, биткоинот е законски прифатен низ Ел Салвадор; поточно, градот се нарекува така затоа што ќе биде изграден од темел користејќи обврзници на Биткоин како основно средство. 

Going down history lane a bit, President Nayib’s plan seems to have been so excellently crafted as the unrealized gains from their first public Bitcoin purchase have been used to develop various infrastructures across the country. For instance, the president, in a characteristic manner, announced that twenty schools would be built starting from December from the profit made from their Bitcoin Investment trust. This is coming after a $4 million investment was poured into building a world-class veterinary hospital in its capital city of San Salvador in the middle of October. With this, the citizens can somewhat trust the judgment of their ruler with the $1 billion bonds.

As part of the plan for the bond, the El Salvador government will partner with two world-class cryptocurrency exchanges in Bitfinex and Blockstreams, which is managed by Adam Back, a prominent figure in the cryptocurrency space. In explaining their role in the joint endeavor, Bitfinex’s Chief Technology Officer, Paolo Ardoino, Bitfinex will be primarily involved in developing a securities platform where the Bitcoin bonds can be seen and traded. This is more like a community-funded project towards building a city with parks, libraries et al., like our modern cities, but with a little spice of Bitcoin here and there. Residents of this city will not need to bother themselves with many tax payments as the value-added tax is the only tax they are legally obliged to pay. These taxes will be used to repay the bond, while extra taxes will be poured towards infrastructural development and maintaining existing projects. 

Како и секој загрижен човек, вистинското прашање што треба да се постави е како ќе се набави обврзницата? Друг член на тимот на Blockstream, Самсон Мао, кој е главен службеник за безбедност, истакна дека Bitfinex не е случајно избран. Наместо тоа, бидејќи размената има голем процент на китови, исто како Binance и Повторно, овие китови треба да бидат инструментални во пополнувањето на врската.

According to the plan, half of the $1 billion bonds will be poured into purchasing bitcoins, which will be locked up over a five-year timeframe to offset the interest rate of the $1 billion bond, an if the scarcity plan works, it can be fully used to pay back the loan. Buying bitcoin that much and locking it will cause a scarcity of half a billion worth of Bitcoin, and the other half will be used for the city’s infrastructure. Mao explained that if ten other countries follow the footstep of El Salvador and match its Investment headlong, almost half of the Bitcoin in circulation will be kept; hence Bitcoin will get much more valuable than it currently is. 

Дали има црвени знамиња со планот на Ел Салвадор?

There are a lot of things involved in El Salvador’s move to a Bitcoin city. It seems rushed, seeing that the country just recently accepted Bitcoin as a legal tender. Different analysts have different opinions about the project, with one man particularly calling it an unnecessary act of desperation with an ulterior motive of reducing interest rates. This is said because the interest rate on the Bitcoin bonds is 6.5% per annum. This is half of the outstanding government bonds, which as at the time of writing, is at 13%. The chance of counterparty risk is also high. Remember when Elon Musk’s Tesla bought $1.5billion worth of Bitcoin earlier in the year? It was popularly believed that this move would allow quite a number of corporate investors to follow suit. This was not the case, and Tesla had to back down. This Bitcoin bond is a bet on the price of Bitcoin increasing. If Bitcoin dips, the interest would not be enough to cover the loss irrespective of how deep the dip is. Also, if Bitcoin increases, the investor would be better off having his money in Bitcoin rather than in the bond. Why not just buy Bitcoin from binance, повторна размена, и други централизирани размени? Тоа повеќе личи на непостојана загуба, но овој пат е со две различни класи на средства. 


Главната причина зошто луѓето ќе инвестираат во проектот е поради позитивното влијание што би го имало врз заедницата на Биткоин. Ако земјата може да придобие и дополнителни туристи во неа, тоа би поттикнало поголема свест за криптовалутите. Ова позиционирање изгледа позитивно бидејќи Ел Салвадор ќе биде едно од првите имиња кога ќе се спомене Биткоин. 

Also, we hope we don’t hit a bear market anytime soon, as the plan was built around a bullish Bitcoin momentum. Anything other than ‘to the moon’ might be disastrous to the citizens of El Salvador. 

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