El Salvador is the first country in the world to make Bitcoin a legal tender, and now the country plans to build a city for it. The Bitcoin city by El Salvador will be funded using a $1B tokenized bond developed by Blockstream and processed by Bitfinex. El Salvador plans to invest $500M from the same in building the city and the other half to buy more Bitcoins. This will push them even more forward in terms of innovation and adoption of crypto.
The Bitcoin city will be wonderful
El Salvador is planning to build the Bitcoin city near the volcano at the Gulf of Fonseca. This is because the power generated from the volcano can be used to mine BTC and power the city. It will be renewable energy and will put the wasted energy of the volcano to good use. The country’s president said that the city will be a metropolis and will have both residential and commercial buildings and areas. It will also have an airport, port, lots of restaurants and rail service.
Another exciting thing about the city would be the Bitcoin symbol that will be built at its center. El Salvador also said that they plan to build the city in a circle, just like a coin. The Bitcoin city will also be a dream place for residents as it won’t have any income, property, capital gain, or payroll taxes. So, living in this city will be totally free. I think that the tax-free regime itself is going to attract a lot of people and businesses to the area.
El Salvador will stack more Bitcoin
Apart from building the Bitcoin city, El Salvador also plans to use the $500M from the rest of tokenized bonds to buy Bitcoin. Considering the parabolic price increase we are expecting in the next few years, this is going to be a massive investment for the country. At the same time, the purchase within itself will contribute to the price growth of Bitcoin in some way.
If given a chance, will it interest you to live in the Bitcoin city that El Salvador plans to build? And if yes, what will be the top 2 reasons for that? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.