Nayib Bukele Increases The Bitcoin Revolution In El Salvador

Nayib Bukele stepped up the Bitcoin revolution in El Salvador (Doc; Photo. Matchacetapanama)

JAKARTA - El Salvador's President, Nayib Bukele, entered his second term with an immovable spirit. As the first country to adopt Bitcoin as a legal currency, El Salvador is now at the forefront of global financial innovation. With a strong determination, Bukele renewed his commitment to making crypto assets the backbone of the national economy.

Since September 2021, when Bitcoin was unveiled as a legal tender, El Salvador has become a world laboratory for blockchain-based economic experiments. Bukele, known for his courage, has set a precedent by buying a Bitcoin every day and keeping it in a cold wallet a long-term strategy that shows his confidence in a bright digital future.

With the start of their second term of office, Bukele not only received support from his people but also from important figures in the world of crypto assets, such as Max Keiser. A visionary and tough supporter of Bitcoin, Keiser provides epic predictions that add to the spirit of the ongoing revolution.

Wealth In The Hands Of The People

Keiser, with his futuristic vision, sees El Salvador as a country whose wealth is controlled by its citizens through a decentralized Bitcoin node. He envisions a country whose economy is controlled by the people, where public initiatives are funded by crowd-sourcing, creating new social contracts rooted in open and transparent economic principles.

Utilization of geothermal and volatile energy is one of the main pillars in this ambitious plan. According to U.Today's information, El Salvador has shown significant progress by mining 473.5 BTC, worth about 29 million US Dollars (approximately IDR 470 billion), using clean energy from the Tecapa volcano. With a dedication of 1.5 MW of the total 102 MW of generated energy, El Salvador shows its commitment to sustainable mining practices.

Keiser projects that with this renewable energy source, El Salvador can control up to 10% of the global hash rate. This move will not only free the country from debt shackles but also reduce dependence on central banks and international financial institutions such as the IMF, providing greater economic autonomy El Salvador.

Increasing Bitcoin Ownership

Recent data show that El Salvador has 5,718 BTC, with a value of around 400.26 million US Dollars (around Rp6.4 trillion). This innovative approach, according to Keiser, will reduce the relevance of international financial institutions in El Salvador's economic policy and increase the country's financial independence.

With this bold move, El Salvador has the potential to set an example for other countries that want to adopt crypto assets. This plan, supported by Keiser, not only promises stable economic growth but also provides hope for greater financial independence for the people of El Salvador. If successful, this initiative could be an important milestone in the history of the global economy, where Bitcoin is a pioneer in managing state finances.