Bitcoin City, El Salvador & The war against inflation
El Salvador
El Salvador and president Nayib Bukele have certainly been leading the way in the adoption of Bitcoin, with a few major decisions over the past 6 months. The first was the decision to make Bitcoin a legal tender, followed by opening a huge Bitcoin mining centre that uses geothermal energy created by the Conchagua volcano.
These were two major breakthrough announcements although Nayib Bukele did not want to stop there and recently announced that a new Bitcoin City will be built starting in 2022 that is funded only by Cryptocurrency. The city will be in the shape of a coin and will be built on the base of the volcano and include both residential and commercial areas including schools, museums and restaurants.
Inflation
Did you know inflation has soared to the highest point in a decade? Inflation can be defined as the decline of purchasing power of a given currency over time and it has become a huge problem for consumers as huge volumes of printed money over the last 2 years have led to the devaluing of world currencies. This leaves you getting a lot less for your money than you did a few years ago.
There are ways people can counter inflation, including negotiating a salary increase and investing more in hard assets instead of storing savings in world currencies. In this episode, we cover everything you need to know about inflation, how it is calculated and ways you can hedge against it.
What we cover in this episode
- El Salvador’s decision to make Bitcoin a legal tender
- Their new Bitcoin mining center that uses energy from a volcano
- The announcement of the construction of a Bitcoin City in El Salvador
- What is inflation and why it is important
- How inflation is calculated
- ways people can counter the effects of inflation
- Is Bitcoin and other cryptocurrencies a good hedge against inflation?
Things we mention in the show
El Salvador President - Nayib Bukele: https://twitter.com/nayibbukele
El Salvador Wikipedia - https://en.wikipedia.org/wiki/El_Salvador
Ways to connect with Cryptopulse
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Ways to connect with Kevin and Ben
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Ben Rees Twitter: https://twitter.com/bdrsquared
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