- El Salvador is setting up one of the world’s largest Bitcoin mining farms.
- The first investment is $250 million, totaling the mining capacity to 241 MW.
- Volcano Energy Chairman Max Keiser blasts Coinbase, altcoins after SEC case.
The freshly founded Volcano Energy Project’s chairman Max Keiser sees a bright future for Bitcoin. According to Forbes Centroamerica, the famed Bitcoin Maxi has made a brave bet that the Bitcoin-backed Volcano bonds company’s worth will be more than the current GDP of the Latin American country.
Volcanoes Spitting Out Bitcoin?
El Salvador’s GDP of $28.74 billion has grown significantly since President Bukele’s office declared Bitcoin legal cash. Bukele’s public image was controversial during the decision. El Salvadorans were divided into two camps; some called him an eccentric autocratic ruler, and others regarded Bukele as a long-overdue street sweeper.
However, the skyrocketing GDP expectations correspond with the ongoing quest to bring crypto and IT talent to El Salvador, creating a new generation of Bitcoin Lightning engineers, miners, and technology specialists. The dramatically reduced crime rate contributed towards bringing back tourism, even though paying in Bitcoin is not easy in most parts of El Salvador.
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Indeed, this long-term plan heavily relies on renewable energy – the small country is rich in volcanoes like San Vicente and Conchagua, which can play a crucial role in extracting power. According to a layout released last year, one such Volcano is the centerpiece of Bukele’s Golden Bitcoin City.
Keiser Gives the Nod to Gary
In a pinned Twitter post, the extravagant Bitcoin Maxi pictured Nayib Bukele kicking the infamous FTX boss Samuel Bankman-Fried out of El Salvador and cheered Gary Gensler’s recent lawsuit against the two crypto giants – Binance and Coinbase. The head of the SEC accused Binance of 13 offenses.
As if that wasn’t enough, Gary Gensler has indicted Binance CEO Changpeng ‘CZ’ Zhao of “operating a web of deception.” In response, Binance dismissed the SEC’s allegations as a poor attempt to “unilaterally define crypto market structure.” A large chunk of Crypto Twitter agrees with the other defendant’s opinion.
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Brian Armstrong, the CEO of Coinbase, has continuously fired shots at Gensler on Twitter, claiming that Coinbase does not sell ‘securities.’ Filed on the same rainy day in the Southern District of New York on June 6th, 2023, the double-trouble lawsuit alleges that Coinbase has been “operating as an unregistered broker” and finds fault in merging three traditionally separated functions in the securities industry.
Meanwhile, Keiser calls Coinbase’s structure “financial terrorism,” even though the American platform includes the main investor’s stablecoin Tether USD (USDT).
On The Flipside
- Gary ‘Top Cop’ Gensler, Head Chairman of the SEC, is in the hot seat in Washington, DC.
- The United States Congress will likely hit Mr. Gensler with a lawsuit for obstructing regulation.
- For instance, Senator Bill Hagerty called Gensler’s actions “indefensible,” while Chairman McHenry’s question about whether Ethereum is a security or a commodity threw Gensler off balance.
Why This Matters
El Salvador is the first country globally to make Bitcoin legal tender.
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