Months after becoming the first country to recognize bitcoin as their national currency, El Salvador President Nayib Bukele once again bet on bitcoin to move the country to greater heights.

President Nayib Bukele Pushes His Bitcoin City Dream in El Salvador

Bukele revealed his plans for Bitcoin City in remarks during an event after a week of promotion of bitcoin in El Salvador. The country became started to recognize bitcoin as their national currency in September.

According to Gizmodo, El Salvador President Nayib Bukele shared his plan of building a "Bitcoin City" powered by geothermal energy from a volcano. Bukele said that his gamble on bitcoin would help raise the cryptocurrency's profile and encourage its widespread use.

The 40-year-old right-wing said the investment in Bitcoin City would makes more money. He added that the fully ecological city would work because it would be energized by a volcano.

Moreover, the El Salvadoran president said on Saturday that the country's so-called Bitcoin City would be built in a region in the eastern part of El Salvador, La Union.

Reuters reported that the city would not levy any taxes except a value-added tax, also known as VAT, and would be featuring a central plaza that would look like a bitcoin symbol from above.

In addition, the Bitcoin City dream of Bukele would be circular in terms of its structure. It would include an airport to serve as transportation for its residential and commercial areas.

Also, the El Salvadorian government said in a news release that the Bitcoin City would be a place for bitcoin mining, an energy-intensive task that would be facilitated by the Conchagua Volcano.

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El Salvador's Bitcoin City Dream Powered by Volcano

Conchagua consists of two overlapping stratovolcanoes and has an overlooking view of the Gulf of Fonseca.

Based on experts, El Salvador would issue $1 billion in "bitcoin bonds" in 2022 to raise funds in building the Bitcoin City in the country. Experts also explained that the bonds would be issued on the liquid network, a bitcoin sidechain network, and it would carry a nominal yield of 6.5% based on the promoter's claim.

Blockchain technology company, Blockstream, which manages the liquid network, stated that the $500 million in terms of the funds raised would be dedicated to the infrastructures of the city and the operation of bitcoin mining in the region. The other $500 million would be used in buying more bitcoin in the market.

However, the citizens of El Salvador, one of the poorest countries in Latin America, were not excited for the Bitcoin City of Bukele or his bitcoin dream.

Furthermore, more than 1,000 individuals took to the streets of El Salvador to show their disapproval and to protest against the country's new Bitcoin Law. The protest against the El Salvadoran government was fueled by the digital currency's rollout, which was accompanied by glitches. Polls have found that citizens were wary of their president's passion for bitcoin.

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This article is owned by Latin Post.

Written by: Jess Smith

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