{"id":21609,"date":"2022-03-23T10:27:59","date_gmt":"2022-03-23T09:27:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=21609"},"modified":"2022-03-23T10:28:05","modified_gmt":"2022-03-23T09:28:05","slug":"el-salvador-maintains-that-the-volcano-bonds","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvador-maintains-that-the-volcano-bonds\/","title":{"rendered":"El Salvador Maintains that the ‘Volcano Bonds’\u00a0initiative will End the Dollar’s Supremacy"},"content":{"rendered":"\n
El Salvador<\/a> postpones the Issuance of Bitcoin-backed bonds, but the president maintains they will end the dollar's supremacy<\/h5>\n\n\n\n
\"El
El Salvador Maintains that the ‘Volcano Bonds' initiative will End Dollar's Supremacy<\/figcaption><\/figure>\n\n\n\n

Nayib Bukele Maintains that his “Volcano Bonds” Will End Dollar's Supremacy<\/h2>\n\n\n\n

El Salvador's pro-crypto president, Nayib Bukele, tweeted\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that his Bitcoin-backed “Volcano Bonds” proposal will “make the world a bit difficult to regulate” and put an end to the dollar's dominance. <\/p>\n\n\n\n

\n

\u201cEach new initiative like El Salvador\u2019s bitcoin bond could chip away at the greenback\u2019s supremacy a little, potentially making the world that bit harder to police and a touch more dangerous.\u201d

\u201cMaking the world that bit harder to police\u201d? WTF?! https:\/\/t.co\/9i0EEChbVR<\/use><\/svg><\/span><\/a><\/p>— Nayib Bukele (@nayibbukele) March 22, 2022<\/use><\/svg><\/span><\/a><\/blockquote><\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

El Salvador's government postponed<\/a> the issuing of “Volcano Bonds” due to adverse market circumstances on the same day as the president's remarks.<\/p>\n\n\n\n

El Salvador had planned to start issuing ground-breaking Bitcoin-backed bonds between March 15-20, but that has now been pushed back to September.<\/p>\n\n\n\n

\"Nayib
Nayib Bukele Maintains that his “Volcano Bonds” Will End Dollar's Supremacy<\/figcaption><\/figure>\n\n\n\n

Since making Bitcoin legal tender alongside the US dollar, the mainstream financial media has been cautious of El Salvador's adoption of cryptocurrency. <\/p>\n\n\n\n

Indeed, El Salvador's credit rating was nearly entirely reduced as a result of its crypto-based monetary and fiscal policies, according to Moody's.<\/p>\n\n\n\n

The United States Dollar, Cryptocurrency, and Colonialism<\/h2>\n\n\n\n

Bukele's remarks came in response to a piece in The Telegraph<\/use><\/svg><\/span><\/a>, a major British broadsheet newspaper, that stated that “the world should fear El Salvador's odd Bitcoin experiment.” <\/p>\n\n\n\n

The reason for this, according to the article, is that cryptocurrency's decentralized nature allows people and countries to collect funds without international control, “possibly making the globe a little tougher to police and a little more hazardous.”<\/p>\n\n\n\n

Currently, the US Dollar is utilized in 88 percent of foreign exchange transactions, and worldwide central bank reserves are dominated by it. <\/p>\n\n\n\n

By threatening to shut them out of the dollar-clearing system, the US gains a tremendous amount of soft power over individuals, banks, and countries. This form of US power would be undermined by a decentralized financial system based on peer-to-peer crypto exchanges.<\/p>\n\n\n\n

Bukele applauds the adjustment, claiming that the globe should be made “a little bit more difficult to police,” and that “Bitcoin addresses colonialism.” <\/p>\n\n\n\n

\"The
The United States Dollar, Cryptocurrency, and Colonialism<\/figcaption><\/figure>\n\n\n\n

This isn't the first time Bukele has stirred up debate. Nouriel Roubin<\/a>i, a Nobel Laureate, recently stated that Bukele should be impeached for bankrupting his country with his Bitcoin bets.<\/p>\n","protected":false},"excerpt":{"rendered":"

El Salvador postpones the Issuance of Bitcoin-backed bonds, but the president maintains they will end the dollar’s supremacy Nayib Bukele Maintains that his “Volcano Bonds” Will End Dollar’s Supremacy El Salvador’s pro-crypto president, Nayib Bukele, tweeted that his Bitcoin-backed “Volcano Bonds” proposal will “make the world a bit difficult to regulate” and put an end […]<\/p>\n","protected":false},"author":29,"featured_media":21613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5819,6740,8265],"class_list":["post-21609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-el-salvador-3","tag-nayib-bukele-2","tag-volcano-bonds"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/03\/El-Salvador-Maintains-that-the-Volcano-Bonds-initiative-will-End-the-Dollars-Supremacy.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=21609"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/21609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/21613"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=21609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=21609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=21609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}