US Economics professor against Bitcoin city Idea of El Salvador

US Economics professor Steve Hanke shared his thoughts on the plan of Bitcoin city by the El Salvador president. 

After the huge controversy, El Salvador adopted Bitcoin as a legal tender on 7 September 2021. It is around more than 3 months for El Salvador to live life with bitcoin as a fiat currency of El Salvador. However few people are facing technical problems with the official Digital Bitcoin wallet Chivo of El Salvador but the majority of the citizens are directly supporting this Bitcoin adoption initiative of the El Salvador president. 

Recently, Steve Hanke- US Economics professor- took to Twitter and claimed that the idea of Bitcoin City by El Salvador president Nayib Bukele is not right because the president wants to take geothermal energy from the inactive volcanoes. 

Hanke tweeted: 

“@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.”

After this tweet Professor, Nayib Bukele responded in the full bitter way and said: 

“This guy…Of course (it) is an active volcano……Most geothermal power is extracted from wells near inactive volcanoes. Why would you build a city below an active volcano.” 

Indirectly Nayib tried to say that Hanke has a lack of understanding about the geothermal energy plant system. 

Bitcoin mining through volcano energy 

In the very starting, when Nayib Bukele introduced the idea of Bitcoin as legal tender than at that time he also proposed the idea to generate electricity through the use of Volcano-based geothermal energy. 

Last month, the Bitcoin bond idea was introduced by Nayib for their citizens to get better incentives with Bitcoin bonds. After the successful introduction of Bitcoin bonds, all citizens will be able to buy Bitcoin bonds and government agencies will use the funding to invest funds in Bitcoin mining operations. 

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