US Economics Professor Against El Salvador’s Bitcoin City Idea


Recently Steve Hanke a US Economics Professor shared his views on the Bitcoin City Plan shared out by the President of El Salvador. 

Following a major controversy, El Salvador approved Bitcoin as a legal tender on September 7, 2021. El Salvador has more than 3 months to live with bitcoin as its fiat currency. However, Chivo, the official digital bitcoin wallet from El Salvador, has some technical issues, but many citizens directly support the President of El Salvador’s Bitcoin Adoption Project.

Steve Hanke, a US economics professor, recently tweeted that El Salvador’s President Nayib Bukele’s plan of ​​taking geothermal energy from dormant volcanoes to support the Bitcoin city idea is not correct.

Hanke tweeted that:

@nayibbukele’s proposed Bitcoin City is as prepared as Florida is for snow. The advertised power source for the City is an inactive volcano. This is just more attention-grabbing antics from a narcissistic president who is full of hot air.

Nayib Bukele replied to this tweet of professor bitterly and said,

The plan is to extract geothermal power from wells near INACTIVE VOLCANOES!

Further Nayib tried to point out that Hanke did not know about the geothermal energy plant system.

Initially, when Nayib Bukele introduced the idea of ​​a legal tender for bitcoin, he also proposed the idea of ​​generating electricity using geothermal energy based on volcanoes.

The previous month, Nayib introduced the bitcoin bond concept to help their citizens get better incentives with bitcoin bonds. After the successful introduction of Bitcoin bonds, thus all citizens will be able to purchase Bitcoin bonds and government agencies will further use the funds to invest in Bitcoin mining activities.

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