Max Kaiser, chairman of El Salvador's Volcano Energy, said El Salvador intends to get rid of debt by using Bitcoin. He said that in the near future the country will be debt-free thanks to Bitcoin and geothermal mining of digital currencies.
Notably, El Salvador has initiated the establishment of a mining complex and has abolished all taxes on technological improvements.
According to Kaiser, Bitcoin could be the key that would free El Salvador from its debt burden. That's why he put his trust in President Naib Bukela and now works under him as an advisor. Kaiser believes Bitcoin can become a major reserve asset and highlights the advantages El Salvador has over other countries in terms of cryptocurrency regulation and energy sources.
He is optimistic about the future of El Salvador's Bitcoin industry and is particularly pleased that Volcano Energy has pledged to invest $1 billion in green energy projects such as solar and wind power in the country. This, according to Keyser, could lead to El Salvador being able to pay off all its debts in full.
He also described El Salvador as a global centre for cryptocurrency mining, saying it would create jobs and increase the gross domestic product.
Kaiser expressed confidence that this would happen in the coming years. As a staunch supporter of digital currencies, he said that all fiat money cannot compare to Bitcoin.
Kaiser predicts that Volcano Energy's market capitalisation could grow to $50 billion, exceeding El Salvador's GDP. He argues that this progress will be made thanks to a jump in the value of BTC to $1 million. He qualified this prediction as "absolute certainty".
If Bitcoin rises that high, El Salvador will probably be able to pay off its liabilities soon enough. Although Bitcoin has currently failed to break the $27k mark, it has been unable to do so.
