• Tether is investing in El Salvador’s $1 billion renewable energy project to support Bitcoin adoption in the country.
• Tether’s CTO Paolo Ardoino discussed his views on BTC adoption and Volcano Energy during Money 20/20.
• There have been some teething problems with BTC becoming a primary payment method in El Salvador, but Ardoino believes the country is blazing a trail for sovereign Bitcoin adoption.
Tether Investing In El Salvador’s Renewable Energy Project
Stablecoin issuer Tether has announced an investment in El Salvador’s $1 billion renewable energy project to help support Bitcoin adoption in the Central American nation. The 241-megawatt (MW) renewable energy park will generate electricity from solar and wind energy to power future Bitcoin mining operations.
Tether CTO Discusses His Views On Adoption of Bitcoin
During Money 20/20 in Amsterdam, Tether’s chief technology officer Paolo Ardoino discussed his belief that El Salvador is blazing a trail for sovereign Bitcoin adoption despite the relatively slow uptake of BTC as a payment option in the country. He drew comparisons to the European Union adopting the euro as a continental currency, which required significant resources and buy-in from citizens of its 27 member states.
Teething Problems With Adopting BTC As Primary Payment Method
Cointelegraph journalist Joe Hall recently visited El Salvador and used BTC as his primary means of payment – however there were some teething issues he faced along the way. Despite this, Ardoino remains optimistic that widespread use and adoption of BTC can be achieved within the country.
El Salvador Blazing A Trail For Sovereign Bitcoin Adoption
Ardoino believes that El Salvador is paving the way for other countries when it comes to accepting cryptocurrency payments by legalising Bitcoin back in 2021. He thinks this development could be replicated across other nations given enough time and resources – citing five or six years for it take effect within Europe when they adopted euro as a continental currency.
Conclusion
The investment made by Tether into Volcano Energy to gain exposure to energy production indicates their commitment towards helping drive Bitcoin adoption further around the world – starting with El Salvador firstly before expanding outwards once more infrastructure has been developed within this Central American nation.