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Max Keizer reveals an epic Bitcoin prediction for El Salvador’s old “new” president
Gamza Khanzadaev
Max Keizer predicts Bitcoin revolution for El Salvador under President Bukele in his second term
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Nayib Bukele began his second term as president of El Salvador yesterday, continuing his administration’s pioneering efforts in the adoption of cryptocurrencies. From September 2021, Bitcoin it was the official legal tender in the South American country.
Recall that, in his first term, Bukele reaffirmed his commitment to buying one BTC per day in a cold wallet until the cryptocurrency can no longer technically be acquired.
Max Keizer, a big supporter of Bitcoin and advisor to the President, drew up an ambitious plan for El Salvador during Bukele’s second term. Keiser believes the country’s wealth will increasingly be controlled by its citizens through decentralization Bitcoin knots.
In this scenario, the President will propose initiatives that the public can fund through crowdsourcing, effectively reinventing the social contract and running the nation on a BTC-centric circular economy.
It also sees El Salvador freeing itself from debt and using its geothermal and volcanic energy to fuel Bitcoin mining, aiming to control 10% of the global hash rate.
The country has already made significant progress in this direction, using the geothermal energy of the Tecapa volcano to mine 473.5 BTC, worth approximately $29 million. Of the 102 MW generated by the country’s power plants, 1.5 MW is dedicated Bitcoin mining.
According to Arkham data, El Salvador currently holds 5,718 BTC, worth approximately $400.26 million. Keizer believes that this innovative approach will reduce the influence of central banks and make international financial institutions such as the IMF irrelevant in the country’s economic policies.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.