President Nayib Bukele of El Salvador has unveiled development plans for the country’s planned Bitcoin City shortly after the nation made its last BTC purchase.
Bukele advances with Bitcoin City project
The Salvadoran President He showed images of the architectural model through a Twitter thread, saying, “The city is coming out beautifully.”
While details were scant, without mentioning a completion date, the Central American country’s leader noted that the city will have plenty of green trees, along with a blue sea. The scale model also featured a night view, landmarks, and airports.
In addition, the model showed a picture of the viewers with a view of the volcano. Bukele previously revealed in 2021 plans to use the energy of volcanoes for bitcoin mining. Later, in October of the same year, the president of El Salvador announced that the country’s new volcanic mining facility mined the first BTC from it.
The latest development comes nearly six months after Bukele revealed an ambitious plan to build a Bitcoin City. In November 2021, the president said it will be circular in shape, inspired by the cities built by Alexander the Great.
The proposed city will also be located in the eastern region of La Unión, near the Conchagua volcano, whose geothermal energy will be used for bitcoin mining.
To back the project, the government is seeking to raise a $1 billion bitcoin-backed bond, which is supposed to mature in 2032 and offers an interest rate of 6.5% per year.
While $500 million in BTC will be invested, the remaining $500 million will go toward building the city. However, in March 2022, El Salvador postponed the planned offering of its Bitcoin bond, citing unfavorable market conditions.
El Salvador holds an estimated 2,301 BTC
As CryptoPotato previously reported, Bukele took advantage of the crypto market price drop to buy 500 BTC. According to the President, the Salvadoran market bought the bitcoins at an average price of $30,744 each.
Shortly after the purchase, Bukele tweeted, “You could sell these coins right now and make almost a million dollars in just 11 hours, but of course not.” The total stash of BTC in the country is estimated to be around 2,301.
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