Did you know in this country Bitcoin is used to buy groceries? I uncovered this and many other unbelievable facts when I visited El Salvador.
Keep reading to find out – there’s even a Billion Dollar secret waiting to erupt!
Bitcoin city that runs on a volcano
Would you live in a Bitcoin city that runs on a volcano?
I just hiked Santa Ana volcano. El Salvador is issuing $1 billion in volcano bonds to create Bitcoin City.
This will be powered by geothermal energy from volcanoes. Money from the bonds will also go toward volcano powered Bitcoin mining.
This is just one example of the country’s enthusiastic adoption of Bitcoin!
A country that abandoned its currency
This country abandoned its currency!
In 2001, El Salvador replaced its own currency, the Cologne, with the US Dollar. This was done to stabilize the economy, encourage foreign investment, and simplify international trade.
And although the Cologne is still legal tender, the US Dollar is accepted everywhere.
Bitcoin to buy groceries?
Bitcoin is used to buy groceries – in this country!
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender.
This was done to increase access to banking services, incentivize foreign investments, and make it easier to transfer money in and out of the country.
However, critics say that using Bitcoin could increase criminal activities.