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.
