Max Keizer Reveals El Salvador’s Old ‘New’ President’s Epic Bitcoin Predictions



USA TODAY – Nayib Bukele began his second term as President of El Salvador yesterday, continuing his government’s pioneering efforts in the adoption of cryptocurrency. Bitcoin has been the South American country’s official legal tender since September 2021.

As a reminder, Bukele reiterated his commitment during his first term to purchase one Bitcoin per day into cold wallets until the cryptocurrency is no longer technically accessible.

Max Keiser, a strong Bitcoin supporter and presidential adviser, proposed an ambitious plan for El Salvador during Bukele’s second term. Keizer believes that the nation’s wealth will increasingly be controlled by citizens through decentralized Bitcoin nodes.

In this case, the president will propose initiatives that the public can crowdsource to fund, effectively reshaping the social contract and running the country in a circular economy centered on Bitcoin.

He also believes El Salvador will get out of debt and use its geothermal energy and volcanoes to power Bitcoin mining, with the goal of controlling 10% of the world's computing power.

The country has already made significant progress in this direction, using the geothermal energy of the Tekapa volcano to mine 473.5 Bitcoins, worth approximately $29 million. Of the 102 megawatts generated by the country’s power plants, 1.5 megawatts are dedicated to Bitcoin mining.

According to Arkham data, El Salvador currently holds 5,718 BTC, worth approximately $400.26 million. Kaiser believes that this innovative approach will reduce the influence of the central bank and make international financial institutions such as the International Monetary Fund irrelevant in the country's economic policy.

This content was originally published on U.Today





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *