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El Salvador President Nayib Bukele Released Model Of Bitcoin City

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President of El Salvador Nayib Bukele released a model of Bitcoin City after announcing the bitcoin nation-state had bought the dip.

The first pictures released showcase a golden city with a Bitcoin centerpiece and a caption from Bukele stating “Bitcoin City is coming along beautifully.”

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Bitcoin City is said to have 0% income, capital gains, property, payroll, and municipal taxes, as well as 0% CO2 emissions. The location is meant to be near La Union, a small Salvadoran city.

Bukele followed up with another set of pictures detailing four landmarks to be scattered through the city, one of which looks to be a gigantic bitcoin. Bukele then clarified that Bitcoin City would not be golden. The color choice was simply a design decision from the architect but the actual city will host far more green and blue between the vast amount of trees and expansive sea surrounding the city.

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A picture with an overlook built atop the volcano used to power bitcoin mining for El Salvador was then posted with a ring hoisted above the steps that serves as a balcony for onlookers. Finally, Bukele offered the night’s eye view of the almost fantastical city showcasing a crescendo of illumination rolling down the heights of the volcano that stands above the city.

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In January, 20 bills were sent to El Salvador’s congress providing “legal certainty” for the nation-states bitcoin bond issuance meant to fund the city. The bond was initially announced in November of last year with the intention of raising $1 billion, half of which would be used to purchase more bitcoin while the other half would fund the infrastructure of Bitcoin City.

The bitcoin bond will pay a 6.5% yield and enable fast-tracked citizenship for investors.

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 5/10/2022

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