President Nayib Bukele has announced the intention to create the world’s first ‘Bitcoin City’. A city that would be located in the coastal city of Conchagua and would be initially financed by funds based on Bitcoin.
This project leaves many doubts about its operation, from what the city will be like to what benefits it will have for being a “Bitcoin City”. Here we explain what we know about this new initiative in El Salvador, a new example of how the Central American country is becoming a testing laboratory for the crypto universe.
Bukele’s plan is reminiscent of Alexander the Great’s plans with his circular cities. This new “Bitcoin City” would have the shape of a currency and it is intended to build restaurants, shopping malls, residential areas, a central square-shaped like the Bitcoin symbol, and even an airport.
The president of El Salvador is not cut off with his plans and the words used to describe the project are as grandiose as they are striking for a person of his position: “if we want bitcoin to spread throughout the world, we should build some Alexandrías,” he explained.
The location of the city in Conchagua is not accidental, since a volcano is located there. It is precise with this volcano that it is intended to obtain the energy for mining bitcoins.
Last October, El Salvador began mining bitcoins using the energy of volcanoes. It is not something accidental, since for years the country has produced a quarter of its electricity with geothermal energy.
Bukele has described what he wants this city to be like, but there is no official timetable yet on when they intend to have it ready. As described by CNBC, its construction start would be in 2022.