Not long ago did El Salvador wow the world with its decision to accept Bitcoin as one of the country’s official means of payment. With the buzz of the exciting news finally settling down, the country has dropped yet another bombshell.
El Salvador’s official Twitter account has come with the news that the country might be building a Bitcoin city in the near future, with Bitcoin bonds as the primary means of funding. Moreover, the country plans to build the city near one of the country’s volcanoes, which will provide it with geothermal energy. Therefore, the project will not only provide a modern financial mecca but will also be completely green.
El Salvador’s president Nayib Bukele has been talking about the city’s infrastructure during his week-long promotional Bitcoin tour. It is said to contain residential areas, as well as common areas and an airport, with the main square resembling the Bitcoin sign.
According to estimates, the building costs will move around 300,000 BTC (roughly US$17.224 billion as of now). Samson Mow, the chief strategy officer for blockchain technology provider Blockstream, said about the project: “This is going to make El Salvador the financial center of the world.”
“Invest here and make all the money you want,” adds Bukele, while drawing comparisons to ancient progressive cities: “If you want Bitcoin to spread over the world, we should build some Alexandrias.”
While the prospect of a futuristic crypto city might seem far ahead, its first Bitcoin bonds are expected to be issued as soon as 2022. It appears to be likely that we are going to witness the city’s birth sooner than we think.