Republic Of The Savior

El Salvador's Chaparrastique (San Miguel) volcano with Bitcoin "laser eyes" added. Image via Twitter user @Alexa_Alexa____.

Bitcoin's New Plunge Protection Team

Two weeks ago, MicroStrategy (MSTR) CEO Michael Saylor teamed with Tesla (TSLA) CEO Elon Musk to stem the slide in Bitcoin by announcing a consortium of leading Bitcoin miners to address concerns about the environmental impact of Bitcoin mining (Bitcoin's Plunge Protection Team). This week, Bitcoin got a boost from the combination of Saylor's successful junk-bond offering for MicroStrategy and El Salvador President Nayib Bukele's announcements that Bitcoin would be accepted as legal tender in his country, and that his state-owned geothermal energy company would facilitate volcano-powered Bitcoin mining. 

The combo of the oversubscribed bond sale for MicroStrategy (the net proceeds of which were earmarked for additional Bitcoin purchases) and the El Salvador news sparked a double-digit gain in Bitcoin Wednesday. Below we'll look at the impact it had on a few stocks we've mentioned here recently, but first, let's consider some potential pitfalls in the El Salvador news. 

Will Global Climate Activists Accept It? 

Elaborating on his geothermal announcement, President Bukele shared a follow-up video of a Salvadoran geothermal well emitting "pure water vapor".  

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William K. β€’ 1 week ago β€’ Member's comment

Quite an interesting article, Thanks!

One unmentioned fact is that water vapor has a tendency to suddenly condense into water droplets. This can be an inconvenience but seldom a disaster. It does remove the heat trapping properties, though. In addition, the condensed water vapor has a very large number of uses. Perhaps some can benefit from it.

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