The Tongan Bitcoin Proposal: A Volcanic Venture
In a surprising shake-up in the Pacific, Tonga is stepping onto the Bitcoin stage, hoping to follow in the footsteps of El Salvador. Former MP, Lord Fusitu’a, is pushing for a proposal that would make Bitcoin legal tender in this tiny island nation. Excitingly, it’s set for a parliamentary vote this coming May—so stay tuned, folks!
Volcano Power: A Fiery Source of Energy
What’s the secret sauce behind this Bitcoin mining plan? The volcanoes! With 21 fiery mountains at their disposal, Tonga intends to harness geothermal energy to power its Bitcoin operations. Lord Fusitu’a boasts that each volcano can churn out a staggering 95,000 megawatts, easily covering the island’s electricity needs and then some. “We’ll give every family hash huts,” he claims, though it remains to be seen if this will just be a heated wish.
Crunching the Numbers
- Population: 120,000
- Volcanoes: 21
- Megawatts needed to service the national grid: 40,000
- Estimated Bitcoin generated per volcano daily: $2,000
If the plan holds, each family could see some juicy Bitcoin action courtesy of the Tongan Treasury. Lord Fusitu’a’s vision seems both ambitious and generous, but can it weather the political landscape?
A Rich Family History and a New Economy
Besides Bitcoin, Lord Fusitu’a’s family owns one of the 21 volcanoes. Seriously, owning a volcano should be a thing! His family’s land rights underscore a heritage that’s deeply tied to Tongan identity. Coupled with a passion for Bitcoin and an apparent mastery of the code (he’s been a “Bitcoin only guy” since 2013), this nobleman is pushing for more than just economic change; he’s making it personal.
How Remittance Could Change
For Tonga, remittances are lifeblood—it comprises about 40% of their economy. Lord Fusitu’a argues that Bitcoin transactions would save families significant fees charged by traditional remittance providers. Let’s be honest, if Western Union charges you a fee that’s practically a down payment on a hot tub, you might want to consider alternative options. With Bitcoin, these fees could shrink substantially, allowing families to keep more of that hard-earned cash when it travels back home.
Legal Tender, You Say?
The bill to make Bitcoin legal tender isn’t just a casual chat over cocktails—it’s literally on the parliamentary agenda. Modeled closely after El Salvador’s revolutionary law, this legal framework could transform Tonga’s financial landscape and align the country with the global cryptocurrency wave. But will it pass? With 9 votes secured from hereditary lords and a couple of pro-Bitcoin MPs nudging things, Fusitu’a could very well have a seat at this economic table.
Future Surprises and Economic Adventures
Now, in the world of cryptocurrencies and volcanic investments, surprises are as common as unsuspecting tourists on island time. Will Tonga rise up to be the crypto eco-capital of the Pacific? Or will they find themselves swimming against the tide of traditional finance? Only time will tell—but if Lord Fusitu’a has his way, Tonga could be a beacon of hope in the global remittance landscape.
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