Bitcoin
Max Keiser Reveals Epic Bitcoin Prediction for El Salvador’s Former ‘New’ President by U.Today
U.Today – Nayib Bukele yesterday began his second term as president of El Salvador, continuing his government’s pioneering efforts in cryptocurrency adoption. Since September 2021, it has been the official legal tender in the South American country.
As a reminder, in his first term, Bukele reaffirmed his commitment to purchasing one BTC daily in a cold wallet until the cryptocurrency can no longer be technically acquired.
Max Keizer, a strong supporter of Bitcoin and advisor to the president, presented an ambitious plan for El Salvador during Bukele’s second term. Keiser believes that the country’s wealth will increasingly be controlled by its citizens through decentralized Bitcoin nodes.
In this scenario, the President will propose initiatives that the public can finance through crowdsourcing, effectively reinventing the social contract and operating the nation in a circular economy focused on BTC.
He also sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, with the aim of controlling 10% of the global hash rate.
The country has already made significant progress in this direction, using geothermal energy from the Tecapa volcano to mine 473.5 BTC, which is worth around 29 million dollars. Of the 102 MW generated by the country’s plants, 1.5 MW are dedicated to Bitcoin mining.
According to data from Arkham, El Salvador currently holds 5,718 BTC, worth around US$400.26 million. Keizer believes this innovative approach will reduce the influence of central banks and make international financial institutions like the IMF irrelevant in the country’s economic policies.