News that El Salvador is adopting Bitcoin as a national currency may have reached your ears. But this made me laugh:<\/p>\n
The law passed by El Salvador\u2019s legislative assembly makes no mention of mining. But during a live conversation on Twitter Spaces on Tuesday night, Bukele\u00a0announced an idea that had suddenly occurred to him<\/a>: El Salvador\u2019s volcanoes could be used as a renewable source of geothermal energy.<\/p>\n
\u201cEvery day is going to be a new idea,\u201d Bukele told the audience of over 25,000,\u00a0according to Coindesk.<\/a>\u00a0The following day, he\u00a0announced\u00a0<\/a>on Twitter that he had directed the country\u2019s state-owned geothermal electricity company to develop a plan that would allow bitcoin miners to tap into \u201cvery cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanoes.\u201d<\/p>\n
Hours later, Bukele said that engineers had already dug a new well that would become the center of a new bitcoin mining hub, and shared a video of the steam pouring out. [WaPo<\/strong><\/a>]<\/em><\/p><\/blockquote>\n
As El Salvadoran wealth transfers from American dollars, the other national currency, into bitcoin, I’d view that as being at increasing risk. If things go south, will Bukele survive? People hate it when their wealth disappears after trusting the word of their leader.<\/p>\n
And, weirdly, this all reminds me of the Internet bubble of 2000. Things became downright bizarre just before the big meltdown. Just a word to those who remember.<\/p>\n","protected":false},"excerpt":{"rendered":"
News that El Salvador is adopting Bitcoin as a national currency may have reached your ears. But this made me laugh: The law passed by El Salvador\u2019s legislative assembly makes no mention of mining. But during a live conversation on Twitter Spaces on Tuesday night, Bukele\u00a0announced an idea that had \u2026 Continue reading