El Salvador’s president calls Steve Hanke an “idiot”.

Following the recent decrease in the value of Bitcoin (BTC), discussions concerning the virtual currency’s long-term viability and energy consumption have reignited. El Salvador’s president calls Steve Hanke a “idiot” in the midst of the volcanic BTC mining dispute.

According to Johns Hopkins University Professor of Applied Economics Steve Hanke, the projected Bitcoin City in El Salvador is unfit for purpose and is merely a publicity ploy by the country’s president, Nayib Bukele. He made the following claim:

“Nayib Bukele’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.”

El Salvador’s President Bukele replied on Twitter to the economist’s criticism of the proposed metropolis and his claim that the volcano is “inactive,” calling Hanke a “idiot.” According to the President:

El Salvador, a Latin American country, has declared intentions to build the world’s first “Bitcoin City” in November 2021. Bitcoin City, according to the president, will be a fully functional city including residential sections, shopping centers, restaurants, ports, and “everything related to Bitcoin.” Furthermore, people only pay one VAT, which is utilized on the city’s debts and the remainder for public infrastructure and upkeep, according to Bukele.

El Salvador intends to issue USD-denominated 10-year notes worth $1 billion. Half of the “volcanic bonds” are turned into bitcoin, while the other half is utilized for geothermal bitcoin mining infrastructure and development.

The infrastructure for Bitcoin City is being created near the Conchagua Volcano, which will facilitate mining.

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Patrick

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