Bitcoin City is on its way to El Salvador.
What would it look like to have an international airport, residential and commercial zones, as well as a central plaza in the shape of a Bitcoin symbol in the middle of an enormous modern city?
To make it more interesting, Volcanoes power the whole metropolis, while Bitcoin bonds are used to secure the city’s infrastructure.
“Bitcoin City” will be a reality as early as 2022, according to El Salvadoran President Nayib Bukele. Bukele describes Bitcoin City as a (largely) tax-free crypto investment destination for businesses from all over the world. It is planned for the eastern province of La Union.
Earlier this year, the Central American nation made news when it became the first government in the world to declare Bitcoin an official currency and legal tender for all transactions.
El Salvador proposes to issue $1 billion in 10-year “volcano bonds” backed by Bitcoin in 2022 to fund the development of Bitcoin City. It’s a risky bet, but one that’s becoming more and more possible as Bitcoin’s price rises — and Blockstream Chief Strategy Officer Samson Mow believes it could “make El Salvador the financial center of the globe” if these bonds are issued.