Colombia’s new president supports Bitcoin

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The South American country has chosen a pro-Bitcoin president who publicly endorsed the digital currency.

Coming to power is a pro-BTC president

Gustavo Petro, the president-elect who will take office on August 7, 2022, has always spoken positively of Bitcoin and cryptocurrencies in general, showing that he sincerely believes in the power of these digital assets. His pro-Bitcoin tweets from before he ran for office have reappeared following his election. According to a tweet from 2017,

Major cryptocurrency exchanges like Bitso opened operations in Colombia since the nation has one of the most active crypto trading markets in South America. Even Colombian football great and Golden Boot winner James Rodriguez has introduced his cryptocurrency.

Renewable energy sources and crude oil

Bitcoin played a significant role in Petro’s candidacy as the nation’s first socialist president. His words particularly resonated with the younger generation who have grown up in poverty, according to many observers, is what tipped the election in his favor. With Colombia being one of the leading crude oil producers in Latin America, oil is now the nation’s major export.

New large-scale open-pit mining buildings and oil exploration have both been vowed to halt by Petro. In other words, he hopes to remove Colombia’s economy’s reliance on oil and shift it toward a greater emphasis on renewable energy.

El Salvador served as a model

El Salvador, a nation in Latin America, formally became the first in the world to accept bitcoin as payment in 2021. Petro, who suggested doing the same for Colombia, expressed his admiration for this action.

Soon after legalizing Bitcoin, Salvadorean President Nayib Bukele claimed that he would use sustainable geothermal energy from the country’s volcanoes to fuel the growing Bitcoin mining companies. In response to this proposal, Petro advocated that Colombia shift its focus from cocaine production to Bitcoin mining. (Currently, Colombia is the world’s leading producer of cocaine.)

Petro spoke of empowering the rural communities, the Cesar coal workers, and the black communities of Colombia’s Pacific coast with renewable energy (e.g., hydrothermal), which might then be funneled into Bitcoin mining.

He wrote on Twitter,

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