Summary
- Elon Musk met with El Slavador’s President to discuss how new tech will affect the world.
- Nayib Bukele aims for a nation’s debtless general budget for 2025.
A few hours ago, Elon Musk and the President of El Salvador, the first nation that started using Bitcoin as legal tender, shared posts via their X account about their latest meeting.
Musk posted in a message that he just had an excellent conversation with Bukele, and they talked about the nature of reality, the future of humanity, and how new technologies like AI and robotics will affect the world.
The tech mogul also highlighted that El Salvador has an amazing leader, while Bukele also mentioned that it was a pleasure to discuss with Musk, whom he called one of the great minds of our time.
El Salvador’s Bitcoin and AI Plans Could Boost GDP 10-Fold
Speaking of using new technologies including AI, the country has indeed changed under Bukele’s leadership for the better.
The leader turned El Salvador into the land of Bitcoin and new technologies when the nation became the first country in the world to use the digital asset as legal tender back in 2021.
Not too long ago, ARK Invest’s CEO, Cathie Wood, stated that she believes that El Salvador could see its gross domestic product (GDP) increase by ten times over the next five years if the nation remains under the Bitcoin and AI adoption plan under Bukele.
She said that his determination to turn the nation into an oasis for the Bitcoin and AI communities which are two of the biggest economic and tech revolutions in history is the reason for which the country will flourish.
Bukele Aims At a Debtless 2025 National Budget
Just recently, according to El Mundo, El Salvador’s President committed that the nation’s general budget for the next year will not include the need to issue a “single cent of debt.”
He announced that, on September 30, he will present to the Legislative Assembly for the first time in decades the first fully funded budget, without the need to issue a single cent of debt for the current spending.
El Salvador will reportedly no longer spend more than it produces annually, and it will not borrow money to pay interest on the debt that was inherited. Bukele says that they will pay for it from their own production.
The statements were made during a speech to the nation as part of the 203rd anniversary of independence.
According to Bukele, future generations will inherit a prosperous economy.
During his inauguration for his second term on June 1, the President committed to dedicating the five-time period to revitalizing El Salvador’s economy, which has had the lowest growth rate in Central America.
El Salvador Invested $1.6 Billion for “Bitcoin City”
Last month, the President of El Salvador announced a massive economic plan that would support the building of a Bitcoin City – a $1.6 billion private investment made by Yilport Holding set to modernize the port at Acajutla and build a new port at La Union.
This is the largest private investment in El Salvador’s history. Bitcoin City is a plane smart city project in La Union, reportedly intended to be a tax haven and use geothermal energy to power Bitcoin mining.
El Salvador has been harnessing volcanic power to fuel Bitcoin mining. They also have an official website showing the nation’s Bitcoin reserves.
According to the official website of the country’s online Bitcoin treasury, their current BTC holdings are now over 5,879 BTC worth more than $370 million.