El Salvador continues both Bitcoin purchases and Bitcoin projects after declaring Bitcoin the legal currency.
El Salvador’s president, Nayip Bukele, recently announced plans to build a full-fledged Bitcoin city powered by geothermal energy in the country.
There have been many criticisms of the Bitcoin city plans announced by Bukele. Finally, John Hopkins University Professor of Applied Economics Steve Hanke stated that he saw El Salvador’s adoption of Bitcoin as “crazy and irresponsible” and claimed that Bukele gambled with Bitcoin:
“The advertised power supply for the Bitcoin city is an inactive volcano. This city project is just the remarkable antics of a narcissistic president.”
Nayib Bukele, the president of El Salvador, who actively uses Twitter, was quick to respond to Steve Hanke’s criticism.
Bukele mocked Hanke’s criticism, saying that since cities cannot be built near active volcanoes, it is only appropriate to build a city near an inactive volcano.
“This guy 😀
Of course an inactive volcano is stupid! Most of the geothermal energy is extracted from wells near INACTIVE VOLCANES! Why would you build a city under an ACTIVE VOLCAN?”
This guy 😂
Of course is an inactive volcano you id10t!
Most geothermal power is extracted from wells near INACTIVE VOLCANOES!
Why would you build a city below an ACTIVE VOLCANO? 🤦🏻 https://t.co/HGh6UGZ0u0
— Nayib Bukele 🇸🇻 (@nayibbukele) January 7, 2022
*Not investment advice.