Significant amounts of criticisms continue to pour in, barely six weeks after El Salvador President, Nayib Bukele, announced plans by the government to construct a full-fledged Bitcoin city powered by geothermal energy. The latest is a tweet by renowned US Economics professor, Steve Hanke, who yesterday, took to Twitter to radically disparage Bukele’s ‘bitcoin city’ idea stating that the geothermal energy project is tied to an ‘inactive volcano’ off the coasts of Conchagua in the Southeastern region of El Salvador.
Steve Hanke also took hot swipes at the young president in a tweet that reads:
“@nayibbukele’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.”
The former San Salvador mayor spared no horses in magnifying Hanke’s erroneous conclusions in a brief but brutal geology lesson.
Bukele replied the septuagenarian professor in a rather sly tone, pointing out that it is only appropriate to build and power a city near an inactive volcano, as cities cannot be built near active volcanoes. Portions of his tweet reply read:
Of course [it] is an active volcano……
Most geothermal power is extracted from wells near inactive volcanoes.
Why would you build a city below an active volcano?”
The Bitcoin City Project
Back in November 2021, a young and ambitious-looking Bukele broke the news of his proposed Bitcoin City to a crowd of crypto enthusiasts at the Latin Bitcoin conference.
A tax-free city with access to entertainment, residential services, and an airport was some benefits Bukele touted to his audience. The city would also be financially powered 100% from Bitcoin and all Bitcoin mining energy concerns will be adequately taken care of, thanks to power from a proposed geothermal facility plant.
Bukele plans to raise the funds through the sale of $1billion worth of bonds.
How’s Life For BTC In El Salvador?
Ever since it scaled through El Salvador’s legislative barriers to become enthroned with legal status, Bitcoin has had to endure all the commendations and criticisms peculiar with charting unfamiliar terrain. A dichotomy of residents continues to view Bukele either as a hero or an authoritarian villain for what many believe is a visionary leadership towards financial freedom and a hurried implementation against the wishes of the people.
A major anti-bitcoin protest, over $11 million in profits, growing Chivo wallet problems; and a slew of criticisms from the IMF, World Bank, Vitalik Buterin marks a summary of the bittersweet highlights of El Salvador’s bitcoin journey.