After the nation’s latest BTC purchase, President Nayib Bukele from El Salvador unveiled plans for its planned Bitcoin City.
Bukele Moves Ahead with Bitcoin City Project
El Salvadoran President, Juan Carlos Alvarez, posted pictures of the model architecture via Twitter, saying that the “City” is progressing beautifully.
Although the details were not very clear and there was no mention of a date for completion, the leader from the Central American country said that the city would have many green trees and a blue ocean. Scale models also included night views, landmarks, airports, and other features.
The model also showed a photo of people looking at the volcano. Bukele had previously revealed plans in 2021 to use energy from volcanic eruptions for bitcoin mining. In October, El Salvador’s President declared that its new volcanic mining facility had mined its first bitcoin.
This latest development comes almost six months after Bukele announced an ambitious plan for building a Bitcoin City. In November 2021, President Bukele stated that the city would be circular in shape and was inspired by Alexander the Great’s cities.
The proposed city will also locate in the eastern region La Union, near the Conchagua volcano whose geothermal energy will be used to mine bitcoins.
The government plans to raise $1 billion to support the project. This bitcoin-backed bond will mature in 2032, and offer an interest rate of 6.5% per year.
500 million will be invested into Bitcoin, while the rest $500 million will go towards building the city. El Salvador delayed the planned sale of its Bitcoin bond in March 2022 due to unfavorable market conditions.
El Salvador Holds an Estimated 2,301 BTC
CryptoPotato reported that Bukele used the market slump to purchase 500 BTC. According to the President of CryptoPotato, bitcoin was bought by the El Salvadoran market at an average cost of $30,744 per coin.
Bukele posted a tweet shortly after the purchase: “I could immediately sell these coins and make almost one million dollars in less than 11 hours but of course not.” Bukele’s total BTC stash was estimated at 2,301.
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