A volcanic launch for Bitcoin in El Salvador
El Salvador will build a “bitcoin city” at the base of a volcano according to the country’s crypto-mad president.
Nayib Bukele, the 39-year-old South American dictator, fired up crowds over the weekend when he revealed that a new city, financed entirely with crypto bonds, would be built in the shape of a circle to mimic the coin.
Bukele has previously signalled his love for bitcoin by making the world’s oldest crypto currency legal tender alongside the dollar. The government has also been harnessing geothermal power from the country’s volcanoes to fuel bitcoin mining.
Let’s hope it doesn’t all blow up in Bukele’s face. While the Conchagua volcano hasn’t erupted within living memory there’s always the chance that the crypto market goes up in smoke. Now the country’s finances are tied to the wild swings of the crypto market Bukele could face an eruption of opposition if Bitcoin’s price ends up in ashes.