El Salvador will develop a bitcoin city and it will be backed by $1 billion BTC bonds with the help of prominent crypto companies including Bitfinex and Blockstream as we can see more today in our latest BTC news.
El Salvador continues to lead the BTC adoption rate as the president Nayib Bukele announced the launch of a Bitcoin City with funds worth $1 billion in BTC Bonds. The initiative was initially announced by Bukele during the Bitcoin Week conference which sought to celebrate BTC’s mainstream adoption in the country and to increase the participation from the citizens:
“In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport”
"Pensé que teníamos que dar un anuncio grande en esta #BitcoinWeek. Así que hoy quiero anunciar que vamos a construir la primera #BitcoinCity", Presidente @nayibukele. pic.twitter.com/7yHQLyIjBx
— Casa Presidencial 🇸🇻 (@PresidenciaSV) November 21, 2021
The development of Bitcoin City will see involvement from popular crypto companies such as crypto exchange Bitfinex and Adam Back’s Blockstream. As per the Bitfinex CTO Paolo Ardoino, the exchange will support the Bitcoin City initiative by launching a securities platform to hold the bonds:
“[The platform] 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.”
The president envisions the Bitcoin city to be fully functional with residential areas, restaurants, and shopping malls that will be centered around Bitcoin. The resident is a subject to a value-added tax which as per Bukele it will be used to pay the municipality’s bonds and the rest will be used for public infrastructure and city maintenance. At the conference, Blockstream’s chief security officer Samson Mao said that there’s a possibility of sourcing $1 billion BTC bonds and said:
“With Bitfinex, they have a lot of whales. I don’t see a problem filling up a $1 billion bond.”
Mao informed the citizens that about $500 million worth of BTC bonds will be subject to a five-year lock-up period and will take away the capital investors out of the global circulation. Furthermore, the entrepreneur explained how the increase in initiatives from other countries will take away half of Bitcoin’s 21 million market cap out of its circulation.
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El Salvador will develop a Bitcoin city and with its mainstream adoption, the government will continue to invest in unrealized gains and different infrastructure development projects. Bukele announced that the surplus earned from the BTC trust account will be used for constructing schools and other educational institutions:
“When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.”
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