Innovative Cryptocurrency Initiatives in El Salvador

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


Nayib Bukele inaugurated his second term as El Salvador's President, sustaining the trailblazing measures in cryptocurrency incorporation. Since September 2021, Bitcoin has been recognized as the official legal tender in the South American nation.

During his initial mandate, Bukele restated his assurance to procure one BTC daily into a cold wallet until obtaining the cryptocurrency becomes unfeasible.

Max Keiser, a staunch Bitcoin proponent and advisor to the President, has proposed an ambitious blueprint for El Salvador during Bukele's subsequent term. Keiser foresees a scenario where the populace will progressively oversee the nation's riches through decentralized Bitcoin nodes.

In this context, the President will introduce ventures that the public can support through crowdfunding, essentially reforming the social contract and steering the nation towards a circular economy focused on BTC.

Furthermore, Keiser envisions El Salvador achieving freedom from debt and harnessing its geothermal and volcanic energies to fuel Bitcoin mining activities, with the aim of controlling 10% of the global hash rate.

The country has already made significant strides in this area, utilizing geothermal power from the Tecapa volcano to mine 473.5 BTC, equivalent to approximately $29 million. Out of the country's power plants' total output of 102 MW, 1.5 MW is designated for Bitcoin mining.

El Salvador presently holds 5,718 BTC, valued at about $400.26 million, as per Arkham's data. Keiser believes this innovative strategy will diminish the sway of central banks and marginalize international financial bodies like the IMF in the country's economic strategies.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Ledger Launches Atom: A Dedicated Device for Secure Digital Approvals

Ledger has launched Atom, a device designed to run everyday apps while ensuring secure approvals for sensitive digital activities.

user avatarKenji Takahashi

Uniswap Reports Record Revenue Driven by Robinhood Chain

Uniswap generated approximately $148.1 million in protocol revenue in September, with Robinhood Chain contributing about 53% of the total.

user avatarMaria Fernandez

Gopax Operator Streami Caught in Cybersecurity Investigation

The Financial Services Commission of South Korea has identified Streami, the operator of the cryptocurrency exchange Gopax, as one of the 16 financial firms affected by recent hacking incidents.

user avatarGustavo Mendoza

Regulatory Discussions on Stablecoin Yield and Banking Reserves

Regulatory discussions on stablecoin yield and banking reserves are ongoing in Washington, focusing on the implications for issuers and the requirement to maintain reserves in bank deposits.

user avatarMiguel Rodriguez

Binance Declares Shutdown of Mining Pool Services.

Binance will discontinue its mining pool and related services on November 10, 2026, requiring miners to redirect their machines.

user avatarRajesh Kumar

Banks Counter Stablecoin Growth with Higher Deposit Rates

A new working paper reveals that banks can slow the growth of stablecoins by increasing deposit rates.

user avatarLuis Flores

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.