Why does nobody talk about El Salvador when crypto is up?
You’ll find no shortage of dunking on the country when crypto is down 40 or 50%. A popular subreddit posted this in 2022, “Why did crypto bros think El Salvador, a country where half the population doesn’t even have access to the internet, would ever successfully adopt crypto?
Then there was Business Insider who published in 2021, the year El Salvador adopted BTC, that the “Bitcoin Approval Could Collapse the Economy.”
Wrong and wrong. And now it looks like Argentinian President Javier Milei will be the next to adopt BTC.
Setting the Record Straight on Javier Milei and Bitcoin in Argentina
Recent weeks have seen a surge of misleading information about Javier Milei and his stance on bitcoin.
Contrary to some reports, Milei’s administration is not advocating for a bitcoin standard in Argentina. Misunderstandings arose from a meeting with local regulators and the Director of the Crypto Active division from El Salvador, where experiences and approaches were exchanged.
🇦🇷🇸🇻 Argentina met with El Salvador officials to discuss the adoption of #Bitcoin and crypto. pic.twitter.com/FW9JASgv11
— Watcher.Guru (@WatcherGuru) May 27, 2024
Despite what some headlines claim, Milei isn’t planning to make Bitcoin Argentina’s official currency, unlike El Salvador. Not yet. His main economic strategy involves dollarization, though he does support Bitcoin and has criticized the central bank.
But this can change, too.
With El Salvador holding 5,750 BTC worth about $400 million and seeing a profit of $84 million (a moderate estimate) from Bitcoin, if Milie is interested in Bitcoin, it’s only a matter of time.
Volcano-Powered Mining
El Salvador has mined nearly 474 bitcoins since 2021 using geothermal energy from its Tecapa volcano, according to official data released last month. Yeah, a freaking volcano.
The “Bitcoin Office,” a government entity, reports that the country’s bitcoin reserves were all mined using geothermal energy from the Tecapa volcano.
“This green way to accumulate the well-known cryptocurrency is not regulated by any central bank,” the Bitcoin Office highlighted.
President Nayib Bukele, recently reelected, has led this initiative by installing 300 processors for Bitcoin mining.
Jack Dorsey-Backed Company Moving to El Salvador (Final Thoughts)
El Salvador’s crypto gamble is still turning heads worldwide. Bitcoin mining company OCEAN, with backing from Jack Dorsey and Bitcoin dev Luke Dashjr, are now setting up their global HQ in El Salvador.
“El Salvador will be the ‘global hub of business development’ for our company,” OCEAN declared in their announcement.
They say pride comes before a fall, and the critics mocking President Bukele during a crypto slump emulate that saying. They’ve fallen flat on their faces. Good luck getting them to admit it.
El Salvador’s success story is one for the books and it’s lighting fires in other South American nations.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
