MCS | "Bitcoin City" in El Salvador?

MCS | "Bitcoin City" in El Salvador?


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El Salvador in Latin America was the first in the world to adopt Bitcoin as a fiat currency in 2020. They are moving very quickly for the commercialization of Bitcoin by giving out $30 worth of Bitcoin for every citizen and installing Bitcoin ATMs across the country. And in November 2021, El Salvador once again shocked the world. At the Latin American Bitcoin and Blockchain Conference held in Mizata, El Salvador, on November 20, 2021 (local time), El Salvador President Nayb Bukele announced the construction of a so-called "Bitcoin City" that uses volcanic geothermal energy as power in the eastern coastal city of La Unión.

President Nayib Bukele / Source: Reuter

Bitcoin City

Source: Reuter

According to Bukele, “Bitcoin City” will be located along the Gulf of Fonseca near a volcano. The government plans on locating a power plant by the volcano to provide energy for both the city and bitcoin mining, the president said. Bukele said the city will be a full-fledged metropolis with residential and commercial areas, restaurants, an airport, a port, and a rail service. The city will be laid out in a circle like a coin and in the city center will be a plaza with a huge Bitcoin symbol. And most of all, the city will have no income, property, capital gains, or payroll taxes!

Bitcoin Bond

In addition to the "Bitcoin City", Bukele mentioned the issuance of $1 billion "Bitcoin Bond", a tokenized financial instrument developed by Blockstream. $500 million from the bond will be used to help construct needed energy and Bitcoin mining infrastructure and another $500 million to buy more Bitcoin.

Samson Mow, Chief Strategy Officer of Blockstream, told the audience that the tokenized bonds will be 10-year with an interest of 6.5% initially (and the yield will be 146% after 10 years). Following a lock-up period of five years, El Salvador will start to sell its cryptocurrency holdings and pay an added dividend to bond holders, Mow said.

“Invest here and earn all the money you want”

President Bukele told the crowd at the closing of the event. I do not have to explain how the crowd reacted when they heard this. The Bitcoin bond offering will take place in 2022, and the construction of the Bitcoin City will begin 60 days after the financing is ready. I personally cannot wait to visit the Bitcoin City.

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