The first 10-year bond issue, known as the "volcano bond", would be worth $1b, backed by bitcoin and carrying a coupon of 6.5%. Half of the sum would go to buying bitcoin on the market and after a five year lock-up, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an "additional coupon".
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El Salvador plans first 'Bitcoin City', backed by bitcoin bonds
"Invest here and make all the money you want," Bukele said in English, dressed all in white and wearing a reversed baseball cap, in the beach resort of Mizata. "This is a fully ecological city that works and is energized by a volcano."
