U.Today – Nayib Bukele began his second term as president of El Salvador yesterday, continuing his administration’s pioneering efforts in cryptocurrency adoption. As of September 2021, it is the official legal tender of the South American country.
As a reminder, during his first term, Bukele reaffirmed his commitment to purchase one BTC daily into a cool wallet until the cryptocurrency is no longer technically available.
Max Keiser, a massive supporter of Bitcoin and advisor to the president, presented an ambitious plan for El Salvador for Bukele’s second term. Keizer believes that the country’s wealth will increasingly be controlled by citizens through decentralized Bitcoin nodes.
In this scenario, the President will propose initiatives that the public can fund through crowdsourcing, effectively reinventing the social contract and powering the nation on a circular economy centered on BTC.
It also sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, with the goal of controlling 10% of the world’s hash rate.
The country has already made significant progress in this direction, using geothermal energy from the Tecapa volcano to mine 473.5 BTC, worth approximately $29 million. Of the 102 MW generated by domestic power plants, 1.5 MW is dedicated to Bitcoin mining.
According to Arkham data, there are currently 5,718 BTC in El Salvador, worth approximately $400.26 million. Keizer believes that this creative approach will reduce the influence of central banks and make international financial institutions such as the IMF irrelevant to the country’s economic policy.
