U.Today – Nayib Bukele began his second term as president of El Salvador yesterday, continuing his administration's pioneering efforts in cryptocurrency adoption. Since September 2021, it is the official legal tender in the South American country.
As a reminder, in his first term, Bukele has reaffirmed his commitment to purchasing one BTC daily in a cold wallet until the cryptocurrency can no longer technically be purchased.
Max Keizer, a big Bitcoin supporter and advisor to the president, has drawn up an ambitious plan for El Salvador during Bukele's second term. Keizer 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 crowdsource, effectively reinventing the social contract and operating the nation in a BTC-centric circular economy.
He 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 global hash rate.
The country has already made significant progress in this direction, using geothermal energy from the Tecapa volcano to extract 473.5 BTC, worth about $29 million. Of the 102 MW generated by the country's power plants, 1.5 MW is dedicated to Bitcoin mining.
According to Arkham data, El Salvador currently holds 5,718 BTC, worth approximately $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.
This article was originally published on U.Today.
