El Salvador set to create a Bitcoin City with initial funding of $1Billion Bitcoin bonds.
El Salvador - the world's first country to legalize Bitcoin has further proceeded to create a Bitcoin city with an initial invested fund of $1 Billion Bitcoin. According to the country's president Bukele, the vision for creating this city is to have a center city within the country to provide both digital and technological education. This move will further expedite the proactive involvement of prominent crypto companies including cryptocurrency exchange like Binance, Kucoin, Bitfinex and Adam Backs Blockstream within the country. A great boon to the Bitcoin present bull run.
Just last week the popular Crypto friendly nation noted as the first to legalize Bitcoin this year has further proceeded to create a Bitcoin city funded with $1billion Bitcoin bond.
The decision to create a Bitcoin city was first announced on Saturday night last week by the country's President Bukele at El Salvador‘s Bitcoin Week conference, which was designed to celebrate Bitcoin’s mainstream adoption in the country and promote all citizens participation in Crypto trading especially those above 18 years as specified by the law.
As stated by Bukele, the “Bitcoin City” will be located along the Gulf of Fonseca near a volcano. The government plans on locating a power plant by the volcano to provide energy for both the city and bitcoin mining, the president said.
According to the president Bukele, the vision for creating this city is to have a center city within the country to provide both digital and technological education. In his exact words: “In BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.” Thus it is clear that the president envisions Bitcoin City to become a fully functional city with residential areas, shopping centers, restaurants, a port, “everything around Bitcoin.” Moreover, the residents according to him are to be subject to only value-added tax (VAT), which according to Bukele will be used to pay the municipality's bonds, and the rest for public infrastructure and city maintenance.
Nevertheless, the creation of a Bitcoin City will further expedite the proactive involvement of prominent crypto companies including cryptocurrency exchange like Binance, Kucoin, Bitfinex and Adam Back‘s Blockstream. On this the CEO of Bitfinex - Paolo Ardoino, has revealed that the exchange will support El Salvador’s Bitcoin City initiative by launching a securities platform to hold the Bitcoin bonds. In his exact words: “Bitfinex will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country! El Salvador, Bitfinex and Blockstream are making history together.”
During this conference equally, the Blockstream‘s chief security officer Samson Mao had clarified the feasibility of sourcing the $1 billion Bitcoin bonds: “Bitfinex, they have a lot of whales. I don’t see a problem filling up a $1 billion bond.”
Further, Mao expressed that the $500 million worth of Bitcoin bonds will be subject to a five-year lock-up period, effectively taking away the invested capital out of the global circulation. This will help checkmate unrestricted dumping of Bitcoin as many investors fear this amount of Bitcoin purchased could be sold off any thereby pushing down the price of Bitcoin hardly again. However, with the assurance from Mao that this amount purchased will be locked and taken out of circulation for at least five years, investors confidence is further strengthened that the country is not just becoming a whale to watch for sudden dumping in the future.
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