Max Keiser stated that one of President Bukele’s New Year’s resolutions was to turn El Salvador into a Bitcoin nation with a node in every homestead. He added that the initiative sought to accelerate Bitcoin’s adoption and develop a decentralized nation-state model in the country.
Keiser highlighted the Salvadoran president’s plan to enhance the nation’s Bitcoin infrastructure and accessibility. In December, he said El Salvador’s goal was to overtake Bhutan and achieve the highest BTC per capita in the world.
Keiser slammed MicroStrategy’s Michael Saylor in September last year for finding fault in President Bukele’s Bitcoin strategy in El Salvador. He asked Saylor to apologize to Bukele for slandering El Salvador, saying that Saylor was ‘unequivocally wrong.’ Keiser claimed that El Salvador was reducing debt while growing GDP by buying more BTC without exposing Salvadorans to the counterparty risk Saylor was exposing his shareholders to. Keiser had praised Saylor earlier in January 2024 for taking Bitcoin out of the ‘shitcoin gutter’ to set the stage for the current ETF approvals.
El Salvador plans to achieve first BTC nation status
The nation’s wealth would be owned & controlled by the citizens on their BTC nodes. The government would effectively be broke. A decentralized governance model.
— Max Keiser (@maxkeiser) January 14, 2025
Staunch Bitcoin advocate Keiser claimed that El Salvador’s wealth would soon be controlled by its citizens on the BTC nodes that President Bukele was planning to install in every home. He added that the decentralized governance model would likely render the government ‘broke.’
Keiser told RT News four days ago that El Salvador was fast becoming a Bitcoin haven for crypto investors. He added that El Salvador has doubled down on Bitcoin since the BTC was adopted as a legal tender in 2021. The country had a plan to buy at least one BTC every day until it became technically unaffordable or ‘acquirable’ with fiat currencies. Keiser said this approach would reduce the influence of central banks and make international monetary institutions like the IMF irrelevant to the country’s economic policies.
At the beginning of his second term last year, the pro-Bitcoin president was to propose initiatives that the public could fund through crowd-sourcing. The initiatives would ‘effectively reinvent’ the social contract and operate the country on a circular BTC-focused economy. The country made significant progress in that direction, using Tecapa Volaco’s geothermal energy to mine 473.5 BTC worth $29 million at the time. 1.5MW of the 102MW generated by the country’s power plants was dedicated to BTC mining.
“El Salvador is achieving the American dream through Bitcoin.”
–Max Keiser
Arkham’s on-chain data revealed that El Salvador currently held over 6.027 BTC in its reserves worth around $583M. Over the past week, the country spent over $1.91 million to add 21 BTC to its holdings.
Keiser shares take on BTC dip despite bullish drivers
According to U.Today, the Bitcoin maximalist said MicroStrategy’s recent purchases were one reason BTC kept tanking despite major bullish drivers. Keiser pointed out that BTC had recovered the $95,700 level and was moving in the range near the $95K range after plummeting from almost $102K to $93K between January 7th and 9th. He added that the main reasons for this lengthy correction were recent geopolitical developments, particularly President-elect Trump’s and Elon Musk’s statements.
Keiser noted that the Bitcoin hashrate metric was key in predicting the recent drop in BTC prices, saying that ‘BTC price tells you nothing.’ His reference to the BTC hashrate implied that this metric could tell much more about Bitcoin’s health and security than its fluctuating price.
On January 12th, the BTC hashrate increased notably by 24.78% from the previous day, soaring to almost 940 million terahashrates per second (TH/s). The difficulty of Bitcoin mining also stood at 110.45 trillion on the same day.
Ali Martinez, a crypto analyst, also observed that the number of large BTC transactions had fallen by more than half (52%) from 33.5K to 16.2K. Santiment’s data also showed that whale activity had reduced significantly.
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