El Salvador continues to innovate and advance due to BTC
Volcano-Powered "Bitcoin City"

El Salvador continues to innovate and advance due to BTC

By Keith Thuerk | New to Crypto's? | 24 Nov 2021


El Salvador continues to innovate and advance due to BTC

 

Nayib Bukele the El Salvador President has a vision to lead his country and the World with BTC. Are you aware that in the past 10-days El Salvador bought the dip and added 500 more BTC to their treasury? Despite all the IMF and other global organizations warnings El Salvador continues to advance their country via BTC being sound money. Let's continue to pray for El Salvador can break the chains of the monetary oppressor's. 

How is El Salvador doing on their BTC rollout?  Recall BTC became legal tender in Sept, they issued their own Crypto Wallet called 'Chivo'. The wallet has been utilized by > 50% of all of El Salvador residents already. Do not overlook the BTC ATM network with over 200 ATM's spread out over their country which brings the chance for more people to learn about BTC and access it for payments, etc.

What is next for El Salvador ?  They will build a Volcano-Powered "Bitcoin City". A brand new city in El Salvador, where they will power the new city by harnessing energy from the Volcano.  Additionally, there will be no taxes other than a 10% Sales tax (i.e. Flat Tax model proposed in USA over the past 25-years). Don't look they also created a Bitcoin mining facility at one of their many volcanos where they harness the geothermal energy to mine BTC. A creative way to not only mine but show how Governments can rule with minimal taxation. 

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Where will it be located? The city will be located in the eastern department La Unión, between the municipalities of La Unión and Conchagua.

How will they fund the effort?  El Salvador will sell $1B in bonds backed by BTC (i.e. 1/2 to be Tokenized on the BlockStream side chain and will be processed by Bitfinex) and available in denominations as low as $100.  A new modern finance paradigm to correct all the wrongs in the current system. 

When will the Bond be issued? In 2022 is the current plan.

How much will the Bond yield?  6.5%!  Which is super high when contrasted against all other Fiat based Governments Bonds which are paying near zero or have negative rates. As a buyer you are making a statement to the staid system, you are betting on BTC!  Just as an FYI, currently El Salvador Bonds are rated as Junk Bonds (rated Caa-B3) so buyer beware. DYOR folks don't listen to me, consider your risk perspective and determine for yourself which has the highest risk.   Hey, what is fiat backed by again, oh yeah faith in the system.....

Summary - Hats off to you and Kudos for showing us there is a better way Nayib Bukele! Not only has he created a detailed plan, but he is leading his people to execute and at a pace most cannot follow. Wonder how many politicians are sitting around thinking how can we ruin him and his plans as he is making us look bad?  Probably ways to many to count; sad but true

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Keith Thuerk
Keith Thuerk

Currently learning about Crypto's and DeFi to combat the Inflationary Tidal wave coming our way!


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