Last week, El Salvador passed the historic Bitcoin law making it the first country to make Bitcoin a legal tender. Soon as the Bitcoin law comes into action in the next 90 days, merchants will start accepting it against their goods and services.
However, the International Monetary Fund (IMF) raised objections citing legal and economic concerns relating to the new Bitcoin Law. Besides, the IMF also assured that they would grant a $1 billion loans to help the Latin American country to overcome the economic challenges.
However, Bitcoin evangelist Max Keiser has a suggestion to get rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. This suggestion came as El Salvador President Nayib Bukele is keen on developing green energy “Bitcoin mining hubs” by using the geothermal energy from the nations 22 major volcanic locations. Last week, the President tweeted:
“Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100 percent clean, zero-emissions geothermal energy from our volcanos. Starting to design a full Bitcoin mining hub around it.”
Responding to this tweet, George Kikvadze of the Global Blockchain Business Council said:
“Dear President Nayib Bukele, 95MW can generate 3 Exahashes which is around 600 bitcoin in revenue per month or $250 mln per year. I am confident with these metrics you can structure a proper JV with credible investors and take care of IMF once and for all.”
Holding no words back, Max Keiser said that Bitcoin is set to take down the central banks and the IMF is the first on its list of targets. Speaking to Express UK, Keiser also predicts that Bitcoin will rise to become the reserve currency of the world and central banking giants like America’s Federal Reserve and the Bank of England are at the risk of being “disintermediated”.
Interestingly, Keiser has also proposed El Salvador float Bitcoin ‘Volcano Bonds’ to fund to finance its geothermal Bitcoin mining operations. Speaking to Express UK about El Salvador’s move, Max Keiser said:
“I’ve advised El Salvador to create new ‘Volcano Bonds’ backed by future bitcoin mining revenues to recapitalise their balance sheet and retire the IMF loans. I know of two banks in New York that are working on this now.
Property prices in El Salvador are set to triple this decade as several countries in the region; Argentina, Guatemala, Paraguay and others will announce shortly they are following El Salvador’s example”.
Keiser has also requested the Galaxy Investment Partners to float $1 billion in Bitcoin ‘Volcano Bonds’ in order to repay the IMF loan.
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