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Each mining farm has a volcano! El Salvador President Naib Bukele has found his own way of mining bitcoin

Bitcoin briskly returned to the 36,300 level and is now trying to gain a foothold in it after the recent news that the El Salvadorian Congress approved a law allowing companies to accept bitcoins in exchange for goods and services. Most recently, El Salvador’s President Naib Bukele said that the digital currency will help counter the low status of the entire banking system of El Salvador, as well as reduce the cost of sending remittances. He did not forget to mention the great future of the country’s economy thanks to the introduction of bitcoin. As I noted earlier, many took his statement with skepticism, since the corruption of the authorities casts doubt on the real use of cryptocurrencies. Experts, including the International Monetary Fund, are really alarmed by these changes, which can create a huge shadow market for bitcoin, and El Salvador itself can become a “haven” for cybercriminals and fraudsters. International Monetary Fund spokesman Jerry Rice said yesterday that El Salvador’s acceptance of bitcoin as legal tender could pose a number of risks and challenges for the central bank. “The adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require careful analysis, so we are following developments closely and will continue our consultations with the authorities,” Rice said, speaking in Washington. “Crypto assets can pose significant risks and effective regulatory measures are essential when dealing with them.” It is clear that El Salvador does not have any regulatory framework, especially since there is not a sufficient number of specialists in this area who would help achieve real progress in introducing cryptocurrencies into the banking system, not to mention the economy as a whole. Rice also noted that an IMF task force has already begun holding virtual meetings with the El Salvadorian authorities on this topic. The representatives are expected to meet with President Bukele himself in the near future. Following the news, the country’s government bonds plummeted, and their yield, due in 2025, rose 71 basis points to 7.8%. El Salvador’s bonds are performing the worst in emerging markets this week, according to the Bloomberg Barclays Index. As I noted above, many experts agree that the plan to introduce bitcoin under an almost authoritarian regime in the country only exacerbates concerns about corruption, money laundering and regulatory independence. Each farm has a volcano! Meanwhile, President Naib Bukele is on the move and announced yesterday that El Salvador has begun exploring options for mining bitcoin using volcanic energy. “Our engineers have just informed me that they have dug a new well that will provide approximately 95 MW of clean geothermal energy with zero emissions from our volcanoes,” he said. Apparently, Bukele plans to use this energy to mine cryptocurrencies. Not surprisingly, miners welcomed President Bukele’s decision to harness the power of volcanoes to mine bitcoin as the right move. Thousands of comments and likes appeared after his post on Twitter about this mining option. Commentators included Twitter CEO Jack Dorsey, who wrote, “Bitcoin is driving renewable energy.” How this story will end is far from clear. But for the cryptoindustry, this is another step forward. But for regulators and other global regulatory bodies – another headache. As for the technical picture of bitcoin, as I noted above, the rebound from the $ 31,000 level returned the cryptocurrency rate to the $ 36,300 area. It is this level that acts as the middle of the side channel in which the world’s first cryptocurrency has been found since its collapse in May this year. The immediate goal of buyers is the resistance of $ 41,100, a breakthrough of which will provide BTC with a free move to the highs of $ 46,700 and $ 52,000. If the pressure on the cryptocurrency increases, and while many are betting on the implementation of such a scenario, a breakout of the $ 31,000 level will lead to a powerful movement of the trading instrument down to the lows of $ 25,700 and $ 21,600. Recommend to read: JPMorgan sees the first signs of bitcoin’s transition to the bearish EURUSD market: the results of the European Central Bank meeting and the report on inflation in the US kept the market balance and the balance of power Results of the ECB meeting. Annual inflation in the US is already at 5%. Forex video forecast for June 11 – Source: InstaForex

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