President of the Central American nation of El Salvador Nayib Bukele is back in the news. A few days ago, he made an announcement that left a section of people in awe.
President Bukele announced that his country had created the debut volcano-backed bitcoin unit
It was not so many days back that the President of the Central American nation declared that his country had invented the first bitcoin unit, volcano-powered. The posting of a video followed the announcement to prove his claim. The video went viral. The footage, it is believed, is shot in the middle of a dense forest, which is geographically located close to a volcano. According to the video, the crypto mining operation, which is stationed, is geothermal. One can also glimpse bitcoin rigs which are reportedly a part of the crypto mining operation.
President Bukele declares the respective initiative as a long-term project for El Salvador
With much enthusiasm, President Bukele declared the initiative as one of the long-term projects of the Central American nation. The news resulted in causing an immediate spike in the value of bitcoin. According to reports, the cost of bitcoin spiked to over $47,000. This news caused a ripple impact. Concurrently, the value of assets, namely Ethereum, Cardano, and Ripple’s XRP, also went up anywhere between 5% and 10%.
Against the backdrop of this, reports have it that the nation has not lived up to the expectations and hype surrounding the bitcoin unit. If numbers are to be believed, El Salvador, through its bitcoin unit, which is volcano-powered, has extracted around $280 BTC by taking advantage of the volcanic power. When the numbers were made official, experts were quick to comment that this is merely a part of the overall value of bitcoin.
The U.S dollar is no more the primary currency of El Salvador
A few months ago, the Central American country announced that bitcoin is the currency of its nation. It was made official that bitcoin would become equal (in terms of value) to the U.S. dollar back in June. The announcement made in June sent a clear signal that the U.S. dollar is no longer the paramount currency of the country. The situation was such that bitcoin began to share the space with the U.S. dollar. As a result, it became mandatory for business establishments to embrace bitcoin for trade.