El Salvador’s Bitcoin City Forthcoming

El Salvador has been in the works for building a metropolis “Bitcoin City” funded by Bitcoin-backed bonds. The El Salvador president Nayib Bukele unveiled the news back in November during a promotional event. The plan to fund the city comes via money raised in Bitcoin-backed bonds, totaling ~$1 Billion. Geothermal energy from a nearby volcano will provide energy to the city, and no taxes will be levied on any individuals who do business there, aside from value-added tax.

Unfortunately, the bond issuance has run into “timing issues” due to the ongoing crisis within Ukraine, as reported by Reuteurs. In a discussion with local TV, Alejandro Zelaya (the finance minister), “We believe that between March 15 and 20 is the right timing, we have the tools almost finished. But the international context will tell us…I didn’t expect the war in Ukraine.”

Also let it be known that El Salvador was the first country to approve Bitcoin as legal tender. And for reference, this is the president of El Salvador himself. Upgraded Kendall Roy imo.

Bitcoin has faced its fair share of headwinds. It went absolutely nuclear throughout the summer, reaching a high of $69k in early November, and is trading at $39k at the time i’m writing this piece. Bitcoin City? More like Toilet City.