El Salvador prepares to launch bitcoin bond: ‘If this fails, a lot of doors close’

President Nayib Bukele is relying on crypto fans to boost finances amid growing criticism from US and IMF.

The financial attractions of the bond were limited, analysts said. The bond offers an annual coupon of 6.5 per cent — much less than the yield currently available on El Salvador’s sovereign bonds — plus 50 per cent of the gain in the price of bitcoin after five years. That made it more suited to investors who want to back El Salvador’s broader crypto experiment rather than seek the best profit, said analysts.