El Salvador is quickly approaching to a billion-dollar mark on bitcoin bonds raising, as reported by Wall Street Journal

Samson Mow of Blockstream, the tech firm organizing the bond, told the Journal the nation has effectively gotten $500 million in verbal responsibilities for its bond. The Journal said it couldn’t affirm the number, and a delegate from Blockstream and El Salvador didn’t quickly react to Insider’s solicitation for input.

The bitcoin bond was announced in November, with half of the funds to be used for more bitcoin purchases and the other half for energy and bitcoin mining infrastructure. 

However, it has effectively gotten some pushback. Fitch, for instance, said it was questionable with regards to the nation’s possibility at raising assets for the contribution, which to some extent prompted its choice to cut the nation’s FICO assessment further into garbage recently.

But the bond isn’t necessarily about fundamentals, one financial executive in El Salvador told the Journal. He dubbed the offering a “meme” bond and said people are interested in the novelty of it. Mow said the country wouldn’t have any problems raising the money for the bitcoin bond as crypto enthusiasts are excited about the opportunity.

El Salvador is in any event, considering raising much as $5 billion additional in bitcoin-moved bonds later on, the Journal detailed. The nation has been driving into crypto, a development driven to some degree by the country’s millennial President Nayib Bukele, who has become known for exchanging bitcoin with government assets on his telephone.

Last year, El Salvador made bitcoin legal tender, compelling the country’s businesses to acknowledge the currency, and reported designs to make the world’s first Bitcoin City. The digital currency is going to “change the world” as stated by president Nayib Bukele at a Bitcoin event on November 2021.