When El Salvador adopted Bitcoin as a legal tender, it was a forward-thinking move that caught the world’s attention. They planned on bringing to the table a green solution to Bitcoin mining that was highly evolutionary. Now, they are building a Bitcoin City, which will be located in the most fantastic place.
According to El Salvador’s president Nayib Bukele, the Bitcoin City will be strategically based at the foot of the Conchagua volcano for an excellent reason. When Bukele proposed adopting Bitcoin as legal tender, his plans included the ingenious Bitcoin mining operation fueled by the geothermal energy volcanoes provide. You can’t go wrong when your plans include a green solution that keeps the environmental activists happy.
In pure Bukele style, with his hat on backward and a complete show ready to go, the president of El Salvador announced as big as the idea itself. The Bitcoin City will have an airport for ease of access. It will have commercial as well as residential aspects. For restaurants and hotels with entertainment and services, the entire project will be funded by Bitcoin as Bukele plans to raise $1 billion via “Bitcoin Bond” to support it all.
It’s a rather aggressive idea that will come to reality soon as construction begins in 2022. The only taxes the city will pay will be the Value Added Tax, a tax imposed only at each point of sale when an actual value has been added. At 40 years of age, Bukele’s new way of thinking has once again benefited an entire country. The people of El Salvador have been through so much over the years and now deserve a bright future.
As Bitcoin establishes itself as a great weapon against wealth inequality, Nayib Bukele uses it to his country’s advantage. With plans to take $500 million in Bitcoin off the market for five years, can you imagine how much value that will have when that time comes? Then, of course, investors will get dividends annually. Still, Bitcoin will continue to grow, and there isn’t a better idea right now on the face of the earth.
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