Today, Nayib Bukele, The 39 year old President of El Salvador, the smallest country in Central America, announced his engineers informed him they had dug a new well that would provide approximately 95 [megawatts] of 100% clean, 0 emission geothermal energy from volcanic water vapour to the country. The idea started just yesterday, during a discussion via Twitter Spaces.
While the law to pass Bitcoin as an official currency was underway, Nayib Bukele joined Nic Carter, (Castle Island Ventures Funding Partner) on Twitter Spaces to listen to their discussion, however, upon his arrival ended up being asked to speak:
Below is a summary of the key points of President Bukele’s plan:
- Government Bitcoin Wallet will be available to everybody, but you can use any Crypto Wallet
- Merchants will be mandated to accepting Bitcoin, all business must accept Bitcoin, and cannot refuse
- Taxes and Loans can be paid using Bitcoin
- Bitcoin will be Treated as a national currency
- Anybody who invests 3 Bitcoin (3BTC) into El Salvador will become a permanent resident, to promote people coming
- El Salvador wants to pass legislation for immigration reform, access to internet, to build a better infrastructure
- For this to work, Government has to provide and promote this new technology
- It will probably be replicated in other countries as well
- Meeting with the IMF (International Monetary Fund) on Thursday
- This move will aid in the Creation of jobs, will decrease remittance commission from 30% to zero
- This new technology and access to financing will allure a lot of entrepreneurs innovators and talent, and fresh new ideas
- This is going to be good for humanity
- El Salvador plans to use USD as legal tender currency to attract investors
- It’s supported by a lot of people that want to see a better world and a better future
- The world can benefit from it
- Bitcoin being the main cryptocurrency in the world solves a lot of problems
- Weapons are bought in USD, Money laundering is done is USD, Drug Cartels use USD, Jewels, Yen, and Euros.
- USD isn’t the problem, it’s the criminals
- Trying to get Financial Inclusion will require some Government investment
- A $150 Million Dollar Trust Fund will be setup to exchange Bitcoin into Dollars instantly with the government, as a separate law
- The Trust Fund doesn’t involve the Federal Reserve, or even their Central Bank
- The Government will absorb the risk of the small merchants and use their Trust Fund to buy Bitcoin back at USD price from the transactions for retailers who don’t want to take the risk
- They will then convert that Bitcoin back into USD, to replenish the Trust Fund
The President stated “Bitcoin is not something for rich people only, it’s something for everybody,” “Being free isn’t a synonym of a bad thing, I don’t know who changed that” He went on to discuss his childhood outlook on the future of humanity and asked “When did our vision of the future change from something beautiful to something so dystopic“ Nayib said “We build our own future The future isn’t imposed on us, we human beings, we build our future“ he added “Inequality comes from the central banking system that choose where new money goes to, everybody pays the price” “We have to build the future for humanity.”“If we can change our future we will probably start seeing other countries follow” “That’s going to help build a better society” “We can change it”
NC: “Is this the begging of de-dollarization?”
P NB: “No” he replied “It won’t serve any purpose for us”
During the discussion, President Nayib Bukele made a point to highlight that using Bitcoin as an official currency would “solve a lot of problems in the US and at the Border, by creating more opportunities in El Salvador”
The President concluded: “El Salvador isnt just a country anymore it’s a symbol of what Bitcoin can do”
37:00 minutes into the Twitter Discussion, the President was asked by Nic Carter if he plans to do “Bitcoin Mining”
NC: “Are you planning on doing mining?”
P NB:“I’ve never thought of it,” “everyday is going to be a new idea”
P NB: “Right now thinking of it – we had a plan to use geothermal energy, that is 100% renewable and 100% clean, 0%CO2 emissions,” he continued “Now that you’re talking about mining, probably somebody wants to set up a mining facility with zero emissions and with geothermal energy”
P NB: “I just thought about it right now”
30 minutes later, legislation passed the law to make Bitcoin an official currency
Just hours later, the President of El Salvador released this tweet:
“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos” President Bukele added, “This is going to evolve fast!”
Bitcoin’s Twitter, shared their support, as prices continue to climb
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