El Salvador Discovers $3 Trillion Gold — Will It All Go Into Bitcoin?
El Salvador’s potential $3 trillion gold discovery has sparked debates over mining bans, sustainability, and the possibility of increased bitcoin investments, potentially reshaping the nation’s future.
El Salvador’s $3T Gold Discovery Sparks Calls to Monetize Gold for Bitcoin
Salvadoran President Nayib Bukele has highlighted the potential of El Salvador’s untapped gold reserves, estimating their value to reach over $3 trillion if fully explored.
Posting on social media platform X last week, Bukele underscored how responsible mining could revolutionize the nation’s economy.
He envisions the proceeds funding critical projects, including job creation, infrastructure improvements, and overall economic advancement.
Bukele has proposed repealing the country’s 2017 ban on metallic mining, describing the restriction as a barrier to leveraging the country’s vast natural wealth.
The Salvadoran president referenced studies suggesting that only 4% of the nation’s mining areas have been explored, uncovering an estimated 50 million ounces of gold valued at $131 billion—approximately 380% of El Salvador’s GDP.
He believes full exploration could elevate the reserves’ value to over $3 trillion, or 8,800% of GDP. He said:We’ve also found gallium, tantalum, tin, and many other materials needed for the 4th and 5th industrial revolution.
He attributed the country’s mineral abundance to its location within the Pacific Ring of Fire, known for volcanic activity and rich deposits. While proponents laud the discovery as transformative, critics warn of potential environmental degradation.
Bukele highlighted the potential for sustainable mining to balance economic benefits with environmental protection, but some question whether El Salvador actually possesses such significant gold reserves.
