That’s no mirage, that’s Bitcoin City

What

El Salvador wants to create a ‘Bitcoin City’

Why

Bitcoin became legal tender in September and President Nayib Bukele is leveraging its power to create infrastructure

What next

El Salvador plans to raise $1 billion in funds through its Bitcoin Bond

The Story

El Salvador’s President Nayib Bukele has revealed its plans to build a ‘Bitcoin City’ with $1 billion in funds from its ‘Bitcoin Bond.’

The city will be constructed near the Conchagua volcano in south eastern El Salvador, and is expected to take advantage of the volcano’s geothermal energy to power Bitcoin mining.

It is understood that ‘Bitcoin City’ will be a tax haven of sorts, with the exception of value-added tax.

El Salvador hopes to raise $1 billion through a ‘Bitcoin Bond’ in partnership with digital assets infrastructure company Blockstream. Half of the funds will be allocated to buying additional BTC, while the remaining $500 million will be allocated to energy and bitcoin mining infrastructure.

Bukele will break ground in 2022.