El Salvador, the only country in the world to make Bitcoin legal tender, is going to build an entire city using the cryptocurrency. The so-called “Bitcoin City” will be built near the Conchagua volcano in the country’s southeastern part. 🌋 🤑
President Nayib Bukele shared this latest development at a Bitcoin event on Saturday. Bukele said the government plans to build a power plant near the volcano to supply energy to both the city and Bitcoin mining. 🤭 The city will have residential and commercial areas, services, entertainment, restaurants, and an airport.
According to Bukele, an enormous Bitcoin symbol will be located in the center of the city, which will be laid out in the shape of a circle. The Bitcoin city will have no income, property, capital gains, or payroll taxes. 🚨 🚨
On top of that, the Central American country will also issue a $1 billion “bitcoin bond,“ a tokenized financial instrument developed by Blockstream on the Liquid Network. The bond will create a securities law, granting Bitfinex Securities a license to process issuances. $500 million of those funds will be used to build energy infrastructure and Bitcoin mining equipment, while $500 million will be used to buy more Bitcoin. The market price of Bitcoin sits around $56,000 — just under 2,000 bitcoins.
President Bukele has always been pro-Bitcoin. El Salvador made Bitcoin legal tender and launched a Bitcoin wallet earlier this year. However, not everyone in the country is a fan of crypto… some El Salvadoran citizens protested Bukele’s decision earlier this year, calling him a dictator.