Max Keiser, senior Bitcoin advisor to the presidency of El Salvador, says that Nayib Bukele aims to transform the country into a fully Bitcoin-based ecosystem by 2025.
In a post on X, Keiser has shared some of the plans that El Salvador's president, Nayib Bukele, has to transform the country into a fully Bitcoin-based ecosystem next year. Specifically, Keiser spoke of Bukele's ambitious vision of bitcoinize the country to make it a global benchmark for cryptocurrency adoption, promoting financial inclusion and economic decentralization.
El Salvador's Bitcoinization Plans
Keiser revealed that one of the New Year's resolutions that President Bukele is preparing is Install a Bitcoin node in every home in El SalvadorThis initiative seeks to accelerate the development of a decentralized nation-state model in the country, said the expert.
Un bitcoin node It is a software that runs on a device connected to the Bitcoin blockchain, storing a complete and up-to-date copy of the chainThis device plays a crucial role in verifying transactions, thus ensuring the integrity and security of the entire network.
Now, installing Bitcoin nodes in Salvadoran homes could offer significant benefits. First, it would improve the to maximise security and your enjoyment., as users would be able to verify BTC transactions independently. Secondly, it would encourage the decentralization, reducing the risk of a single point of failure and strengthening the network as a whole. Finally, it would increase the accessibility, allowing more people to directly participate in the crypto economy safely and effectively.
Considering the above advantages, this initiative of installing a Bitcoin node in every home in El Salvador would not only empower citizens but also position the country as a leader in the adoption of innovative technologies.
The crypto community reacts positively
This proposal has been received with enthusiasm by the Bitcoin community. Many believe that this initiative could turn all citizens of El Salvador into citizens of the same country. Citizens of the Bitcoin network, promoting decentralization and financial inclusion and facilitating access to the crypto economy. In addition, the installation of nodes in every home in the country could favor the decentralization of communication and data exchange, reducing dependence on centralized servers and increasing privacy and security.
However, not everyone is on board. Some detractors criticize the idea, calling it a “grand illusion” far removed from reality. Despite this, several local companies have expressed their support for this ambitious proposal, pointing out that its effective implementation will require overcoming significant technological and logistical challenges, but its potential to transform the country’s financial landscape is undeniable.
El Salvador, the epicenter of Bitcoin adoption in Latin America
Since the implementation of the Bitcoin Law in 2021, El Salvador has taken significant steps towards the widespread adoption of the market-leading cryptocurrency. The country's president has announced ambitious plans such as the Volcano Bonds, which seeks to raise $1.000 billion to fund the construction of the country's Bitcoin mining infrastructure as well as the construction of bitcoin city, an urban center designed to be an epicenter of the crypto economy in the region.
El Salvador has also launched other Bitcoin-related initiatives, such as the Chivo digital wallet, which allows citizens to make transactions in Bitcoin and receive payments from the government in this cryptocurrency. However, after a agreement signed with the International Monetary Fund to access a loan of $1.400 billion dollars, the nation has decided Discontinue using this crypto wallet.
Despite these notable advances, El Salvador continues to face the need to address fundamental issues to achieve true bitcoinization and ensure that all Salvadorans have the tools necessary to participate in this new financial era. Providing internet access and developing the necessary infrastructure are essential; in addition, technological education is crucial to ensure that all citizens can fully participate in this emerging digital ecosystem.
However, El Salvador’s commitment to innovation and decentralization is evident in its bold proposal to install a Bitcoin node in every home. If successful, El Salvador could become the first country in the world with an economy completely based on Bitcoin, setting a global precedent in cryptocurrency adoption.
Main image by Stacy Herbert on X
