Max Keiser, international journalist and chairman of mining company Volcano Energy, has pondered on the importance bitcoin adoption will have for El Salvador in the future. According to Keiser, thanks to bitcoin, El Salvador will be debt free by 2030, as the bitcoin price comes close to one million dollars, and the country advances to have a thriving geothermal energy industry to support mining operations.
Max Keiser: ‘El Salvador Will Be Debt Free With Bitcoin’
Max Keiser, the international journalist, Bitcoin “permabull,” and now chairman of Volcano Energy, a sustainable mining company in El Salvador, believes that bitcoin and mining adoption will help improve the Salvadoran economy.
Keiser emphasized that setting up mining operations like Volcano Energy, which will invest $1 billion in the country to produce green power from solar and wind sources for mining operations, will allow the nation to pay its debts fully. In an interview with Diario El Salvador, Keiser stated:
This country will be debt free by 2030 with bitcoin and geothermal bitcoin mining.
Furthermore, Keiser profiled El Salvador as a worldwide center for bitcoin mining, detailing that this development allows “jobs to be generated in the area, raises the gross domestic product, and benefits the country.”
Bitcoin as a Development Pillar
Keiser, who moved to El Salvador in 2022 and now serves as an advisor to President Nayib Bukele, is sure that Bitcoin will become a significant reserve asset. El Salvador has a set of advantages compared to other countries: Keiser states that due to its crypto regulatory framework and green energy resources, El Salvador will develop a bitcoin-derived industry.
On this, he declared:
Countries around the world are beginning to accumulate and mine bitcoin as the world of fiat money and central banks disintegrate. With the benefit of President Nayib Bukele’s new laws, such as making bitcoin legal tender, we have the ability to lead the world and, arguably, become the richest country in the world.
Keiser has been a very vocal proponent of bitcoin as a currency, declaring that all fiat currencies are going to zero compared to bitcoin. Keiser explained that Volcano Energy’s market capitalization will grow to $50 billion, exceeding El Salvador’s GDP, which is estimated to be $29 billion. This growth will be powered by the rise of the price of bitcoin to $1 million, he says. He qualified this prediction as a “mathematical certainty.”
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