Nayib Bukele, El Salvador President has said that the country would be powering Bitcoin mining with its many volcanos. This is coming on the heels of the country’s stance of BTC, becoming the first country to accept Bitcoin as a legal tender.
Regarding the mining, Bukele has said that harnessing the volcanic energy in the country to mine cryptocurrency would be carried out by state-owned geothermal electricity.
Currently, a mining hub that will cheaply harness the energy from volcanoes in El Salvador, producing 100% renewable and 100% clean energy is being designed.
Following the announcement, Bitcoin experts have been analysing the words of President Bukele concerning the new Bitcoin law that is about to come into fruition in his country.
President Bukele had stated that the Bitcoin system of operation is very flawless and perfect and that because of the amazing systematic process that it has, the cryptocurrency has a long way to go in the future.
He said that Bitcoin had already become a massive hit cryptocurrency in this present time, and that he was predicting that it will get even bigger in the future. These reasons were part of the many thoughts that led to him declaring Bitcoin as a legal tender.
Apart from those reasons stated above, he also mentioned that Bitcoin allows users to receive remittances at lighting speed and at absolutely no costs or charges.
He referenced that unlike the Western Union and other international money organisations, you don’t have to pay a dime to make remittances in the Bitcoin system.
The president adds that making Bitcoin a legal tender can lead to more of investment tourism into the country. He also said that the decision was to stop the trend of El Salvador being dependent on the Dollar and the frequent inflation that it experiences.
Currently in El Slavador, their legal tender is the US dollar, and the country has been affected so many times by the issue of frequent money printing.
Also, since El Salvador as a country does not receive any benefits due to the newly printed money, the country had to turn to Bitcoin. The president argued that why should they keep going to the past and issuing old paper currency notes, when it is clear that the world is gradually moving away from all that.
President Bukele asserts that Bitcoin can allow financial inclusion to become a reality in the society as about 70% of people are still without bank accounts.
President Bukele mentioned that he had thought about the possible risks that come with making this big decision and he is very certain it is the best choice for El Salvador.
He said that some people could get pissed at his country for taking such a step but those people have not been good to them as a country in the past.
Presiden Bukele also mentioned that since the country was not doing too well in the old legal tender system, why should they not switch to a new one? He is also positive that El Salvador could use this opportunity to be the forerunner of a global economic revolution.