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⚡World's First Bitcoin Bonds Approved✅

Croxroad

12 Dec 2023 — 3 min read

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🪂 President Bukele Signals Innovation

El Salvador's long-anticipated Bitcoin bonds are nearing fruition with regulatory approval received for an early 2024 issuance. The country's National Bitcoin Office announced the approval, revealing plans to launch the bonds on Bitfinex Securities. President Nayib Bukele, a key proponent of these "Volcano bonds," aims to raise $1 billion to establish a bitcoin mining industry powered by renewable energy, including that derived from the nation's active volcanoes. Despite initial delays, the passage of the digital assets bill in January 2021 has paved the way for this groundbreaking financial initiative.

This development follows El Salvador's recent strides in the crypto space, including the launch of the "Freedom VISA" program. This initiative offers residency to individuals investing a minimum of $1 million in bitcoin or tether stablecoins annually, showcasing the country's commitment to positioning itself as a crypto-friendly hub. With these successive moves, El Salvador continues to solidify its position as a trailblazer in embracing and integrating cryptocurrency into its economic landscape.

🤬 Wikipedia Founder Jimmy Wales Faces Criticism

Wikipedia co-founder Jimmy Wales is facing criticism from users on the X app due to his recent string of negative remarks about Bitcoin (BTC), the leading cryptocurrency. Wales questioned the reliability of Bitcoin, contrasting it with traditional assets. He humorously recounted a scenario where he claimed to lose his bank password and suggested that such a situation wouldn't happen with banks but could with Bitcoin.

Interestingly, Wales wasn't always critical of Bitcoin, having previously invested in a BTC pool and shared his positive experience. However, his anti-Bitcoin sentiment emerged in 2017 and has remained consistent. Pro-XRP lawyer John E. Deaton and Dogecoin founder Billy Markus joined the critique, highlighting instances where Bitcoin demonstrated efficiency compared to traditional banking. Crypto figures like Erik Voorhees and Tether CEO Paolo Ardoino also chimed in, with Voorhees pointing out Wikipedia's continued donation requests and Ardoino asserting that Wikipedia could be replaced by a decentralised alternative soon. The cryptocurrency community is actively engaging in a debate sparked by Wales' outspoken criticisms.

🆕 Bitcoin Basics Unveiled

Welcome to the inaugural edition of Croxroad Newsletter's new series: "Bitcoin Basics Unveiled."

Bitcoin, the trailblazer of decentralised global digital currencies, operates exclusively in the digital realm, untethered by physical constraints. Enabled by blockchain technology, this decentralised ledger is transparent, immutable, and beyond the control of any central authority.

In this series, we'll unravel the intricacies of Bitcoin—from its open-source foundation to the Proof of Work consensus algorithm that underpins its security. Discover how Bitcoin transcends borders, moving seamlessly across the globe with just an internet connection.

Stored in digital addresses scattered across the internet, Bitcoin is safeguarded by a variety of digital wallet providers. Join us on a journey where we demystify the complexities of blockchain, cryptography, and decentralised finance.

Whether you're a seasoned investor or a curious beginner, "Bitcoin Basics Unveiled" is your compass in navigating the revolutionary force that is Bitcoin. Stay tuned for insights, analysis, and a deeper understanding of the digital currency frontier.