The relevance of bitcoin acceptance for El Salvador in the future has been considered by Max Keiser, a global journalist and the head of the mining business Volcano Energy. According to Keiser, El Salvador will be debt-free by 2030 thanks to bitcoin when the price of the currency approaches $1 million and the nation develops a robust geothermal energy sector to support mining activities.
“El Salvador Will Be Debt Free With Bitcoin,” claims Max Keiser.
The chairman of Volcano Energy, an ethical mining operation in El Salvador, Max Keiser, a well-known worldwide journalist and Bitcoin “permabull,” thinks that the adoption of bitcoin and mining would strengthen the Salvadoran economy.
Keiser underlined that establishing mining companies like Volcano Energy, which will spend $1 billion in the nation to provide green electricity from solar and wind sources for mining operations, will enable the government to fully pay its obligations. Keiser said in an interview with Diario El Salvador:
This country will be debt free by 2030 with bitcoin and geothermal bitcoin mining.
As a global hub for Bitcoin mining, El Salvador is also highlighted by Keiser, who notes that this development “generates jobs in the area, increases the gross domestic product, and benefits the country.”
The Developmental Role of Bitcoin
Keiser, who relocated to El Salvador in 2022 and is now the president’s advisor, believes that Bitcoin will grow to be a major reserve asset. Compared to other nations, El Salvador enjoys a number of advantages: El Salvador will grow a bitcoin-derived business, according to Keiser, because of its crypto legal framework and renewable energy resources.
On this, he stated:
Countries around the world are beginning to accumulate and mine bitcoin as the world of fiat money and central banks disintegrate. With the benefit of President Nayib Bukele’s new laws, such as making bitcoin legal tender, we have the ability to lead the world and, arguably, become the richest country in the world.
Keiser has been a highly outspoken supporter of bitcoin as a form of money, claiming that bitcoin will make all fiat currencies obsolete. Keiser predicted that Volcano Energy’s market value would reach $50 billion, topping El Salvador’s projected GDP of $29 billion. According to him, the price of bitcoin reaching $1 million will fuel this increase. He described this forecast as a “mathematical certainty.”