• Tether is investing in El Salvador’s $1 billion renewable energy project to support Bitcoin (BTC) adoption.
• Volcano Energy will generate electricity from solar and wind energy in El Salvador to power future Bitcoin mining operations.
• Tether’s chief technology officer Paolo Ardoino believes that El Salvador is blazing a trail for sovereign Bitcoin adoption.
Tether Invests in El Salvador’s Renewable Energy Project
Stablecoin issuer Tether has announced a strategic investment in Volcano Energy, a project dedicated to producing electricity from solar and wind energy in El Salvador, as part of its commitment to supporting the country’s move to adopt Bitcoin (BTC). The 241-megawatt (MW) renewable energy park is set to power future Bitcoin mining operations in the nation.
Tether CTO Discusses Benefits of Investing In Volcano Energy
During Money 20/20 in Amsterdam, Cointelegraph caught up with Tether’s chief technology officer Paolo Ardoino, who discussed the advantages of investing in Volcano Energy. He drew parallels between El Salvador’s efforts to adopt BTC as legal tender and the European Union adopting the euro as a continental currency, noting how it took years for both changes to become accepted by citizens.
Issues Surrounding BTC Adoption In El Salvador
The proliferation of Bitcoin as a payment method has not been without issues, as explored by Cointelegraph journalist Joe Hall during his visit to the country using BTC as a primary means of payment. Despite this, Ardoino believes that widespread use and adoption of BTC will take time but ultimately be successful due to El Salvador blazing a trail for sovereign adoption.
Tether’s Plans To Support Further Bitcoin Adoption
In addition to its investment into Volcano Energy, Tether also plans further initiatives including developing infrastructure around Bitfinex Pay and Lightning Network solutions which will enable merchants and businesses across Latin America – starting with Mexico – to accept payments through cryptocurrencies like USDT or BTC easily and quickly. Furthermore, Tether intends on introducing USDT-based savings accounts at retail locations across Latin America soon too.
Conclusion
Overall, it is clear that Tether is making significant investments into projects such as Volcano Energy which seek to further support the growth of cryptocurrency adoption worldwide by providing financial services for consumers and businesses alike. With these efforts being concentrated on countries such as El Salvador where there are already ambitious plans underway regarding cryptocurrency use cases, it certainly looks like an exciting year ahead for crypto adopters!