El Salvador’s Bukele Shoots Down FUD on Bitcoin Bond, Takes Issue With US Lawmakers

A Reuters report said Bitfinex had been booted from managing the bond sale, and a bill targeting El Salvador’s bitcoin adoption advanced in the Senate.

AccessTimeIconMar 24, 2022 at 5:23 p.m. UTC
Updated May 11, 2023 at 7:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

El Salvador President Nayib Bukele had a busy Wednesday evening on Twitter, first responding to a report that Binance was called in to to salvage his country’s bitcoin bond sale, and also showing his displeasure with legislation making its way through the U.S. Senate.

  • “Please don’t spread Reuters FUD,” tweeted Bukele late on Wednesday. He was responding to a report that Binance CEO Changpeng "CZ" Zhao was jetting into El Salvador to assist with the country’s bitcoin bond issuance after the sale had been delayed earlier this week. FUD is short for fear, uncertainty and doubt.
  • In another tweet, Bukele confirmed the upcoming meeting with CZ, but said their discussion would be about issues unrelated to the so-called Volcano Bonds … “Unless he wants to buy some, of course,” he added.
  • Former Blockstream chief strategy officer and advisor on the design of the bond, Samson Mow, tweeted that “nothing has changed, just delays in the new law going to congress.” Bitfinex Chief Technology Officer Paolo Ardoino, whose company is managing the bond issuance, chimed in with his agreement, as did Bukele.
  • It was on Tuesday that El Salvador’s Finance Minister Alejandro Zelaya said the country had postponed its planned $1 billion bitcoin bond offering, initially scheduled to take place between March 15-20, because of unfavorable market conditions. "I think this is not the time, there are some moves on the planet," he said.
  • Bukele also expressed his displeasure with goings-on in the U.S. Senate, where a bill looking to mitigate risks to the American financial system from El Salvador's adoption of bitcoin (BTC) was passed out of committee on Wednesday.
  • “Never in my wildest dreams would I have thought that the U.S. Government would be afraid of what we are doing here,” Bukele tweeted on Wednesday afternoon. “The U.S. Government DOES NOT stand for freedom and that is a proven fact,” he later added. “So we will stand for freedom … Game on!”
  • When the bill was initially introduced last month, Bukele tweeted: “OK boomers ... You have zero jurisdiction on a sovereign and independent nation. We are not your colony, your back yard or your front yard. Stay out of our internal affairs. Don't try to control something you can't control."
  • What's Stopping Congress From Passing Crypto Regulation?
    What's Stopping Congress From Passing Crypto Regulation?
  • Sen. Lummis Addresses Algorithmic Stablecoin Ban in New Bill
    Sen. Lummis Addresses Algorithmic Stablecoin Ban in New Bill
  • Why Bitcoin May Fall to $52K
    Why Bitcoin May Fall to $52K
  • JPMorgan Expects Bitcoin to Drop After Halving; New Zealand Starts Digital Cash Consultation
    JPMorgan Expects Bitcoin to Drop After Halving; New Zealand Starts Digital Cash Consultation
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Andrés Engler

    Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.