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Quote of the Day:

It would be wise to remember that a village started El Salvador’s Bitcoin movement, not a strongman.
- Check Your Financial Privilege by Alex Gladstein

El Salvador Buys Back $565M Worth of Bonds, Plans to Launch New Offering in 8 Weeks.1

Nayib Bukele@nayibbukele
El Salvador has successfully completed the first advance purchase operation of bonds maturing in 2023 and 2025; managing to repurchase bonds for more than $565 million. And generated more than $275 million in savings for our country 🇸🇻 prnewswire.com/news-releases/…
prnewswire.com
THE REPUBLIC OF EL SALVADOR ANNOUNCES THE RESULTS OF ITS INVITATION FOR OFFERS TO TENDER FOR CASH ITS 2023 NOTES AND 2025 NOTES
7:57 PM · Sep 21, 2022
939 Reposts · 4.75K Likes
Central Bank of Russia has come to an agreement with the Ministry of Finance to allow crypto payments for cross-border use.2
DBS Group Holdings (Singapore’s largest bank) expands bitcoin and crypto trading to 100,000 of its wealthiest clients.3
- The offering is solely geared towards accredited investors. Between April and June, bitcoin transactions alone nearly quadrupled for those clients who previously had access to this service including corporate and institutional investors, family offices, clients of DBS Private Bank, and those of DBS Treasures Private Client.
About 34% of the British population owns different forms of cryptocurrency. Bitcoin ranks in first with a share of 20%.4
As filed with the SEC, Iris Energy agreed with B. Riley Principal Capital II related to the “potential offer and sale” of up to 25 million of the Bitcoin mining firm’s ordinary shares, worth $100 million.5
According to Glassnode, the number of HODLed (or lost) coins reached a 5-year high.

glassnode alerts@glassnodealerts
📈 #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,505,783.687 BTC View metric: studio.glassnode.com/metrics?a=BTC&…
3:15 PM · Sep 26, 2022
1 Repost · 13 Likes

El Salvador Buys Back $565M Worth of Bonds, Plans to Launch New Offering in 8 Weeks.

El Salvador has purchased 54% of the bonds maturing in 2025 for a total of $432 million and 22.4% of the bonds maturing in 2023 for a total of $133 million. Nayib Bukele made it clear that these repurchases would be done at market prices.

This repurchase is coming off the back of some worry regarding El Salvador’s ability to repay debt in relation to their unrealized losses of around 50% on their overall bitcoin position. Fitch, a credit rating company, downgraded El Salvador to a “CC” rating which implies an expectation of default. Even so, the repurchase of these bonds shows El Salvador’s ability to pay off debt and generate realized savings for the country.

El Salvador is slowly trying to separate itself from the traditional credit markets. For better or worse, the International Monetary Fund (IMF) will not be making any loans to El Salvador unless they remove bitcoin’s legal tender status. The IMF believes that the El Salvador’s debt is unsustainable under economic growth. This is quite hypocritical as the United States has the largest voting share in the IMF by a large margin, and we all know about the unsustainability of the current debt to GDP of the United States.

Every action El Salvador takes is heavily scrutinized. Nayib Bukele has taken a shot with Bitcoin adoption and although the short-term price movement hasn’t been favorable, they have not suffered any more than they had under IMF reliance and financing through traditional credit markets. Responsible short-term monetary actions (such as repurchasing short-term bonds at an optimal time) and escaping the IMF loan trap will allow El Salvador to flourish in the long run.

Market Cap: $388,229,474,093
Wealth Distribution (Top 10 / 100 /1,000 / 10,000 addresses):
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Tweets / Day #Bitcoin: 124,507
Bitcoin Mining Profitability: 0.0751 USD/Day for 1 THash/s
Mayer Multiple: .71 (Range 0 to 4)
Relative Strength Index: 41 (Range 0 to 100)
Fear & Greed Index: 20 (Range 0 to 100)
Binance Buy/Sell Open Orders: +20% buys (Range 0 to 500% Buy/Sell)

All data for ‘The Stats’ sourced from https://bitinfocharts.com/bitcoin/ & https://buybitcoinworldwide.com/stats/