A recently-released set of early Satoshi emails contains some interesting insights into the network and its creator.
El Salvador's Volcano Bonds To Launch In Q1 2024
Having been declared dead by critics, the Volcano Bonds are set to launch within the next three months.
There is perhaps nothing so emblematic of the excesses and optimism of 2021's crypto bull market as El Salvador's ambition to mine Bitcoin using clean energy generated by one of the country's volcanoes. So-called "Volcano Bonds" would allow investors to buy a stake in the enterprise and reap the benefits that lie at the intersection of El Salvador's geothermal resources and embrace of digital currencies, and provide a billion dollars of funding for the construction of a "Bitcoin City" in the process.
Reality Sets In
Announced at the peak of crypto mania, just after El Salvador made bitcoin legal tender, it wasn't long before volcano bonds came unstuck. A brutal bear market, the collapse of numerous large crypto organizations, and regulatory scrutiny dampened enthusiasm for crypto for almost two years, while in El Salvador itself, political opposition and other priorities slowed progress. The concept of the volcano bond was repeatedly altered and watered down. Only recently, the idea was declared thoroughly dead.
But, as is so often the way, Bitcoin is not dead and neither is the volcano bond.
Volcano Bonds Reincarnated
Early on December 12, El Salvador's Bitcoin Office announced that the Volcano Bond had received regulatory approval from the country's Digital Assets Commission, paving the way for a launch in the new year.
Details of the project are still unclear, including the duration of bonds. In the past, the bonds have drawn criticism for being tokenized on the Liquid Network, a little-known federated Bitcoin sidechain, and for relying on Bitfinex, which has seen its fair share of controversy for various reasons, including the opaque relationship between its core team and that of Tether.
Altogether, though, the fact that Volcano Bonds are back on the agenda suggests that the bull market truly is back, and that interest in all things crypt0-related is about to kick into a new gear as 2024 rolls around.
Volcano Bonds will be available on Bitfinex Securities, the Kazakhstan- and El Salvador-regulated arm of the well-known crypto exchange.
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