May 12, 2022 · less than 3 min read
As Bitcoin crashed, the president unveiled a miniature scale replica of Bitcoin City. Yeah, you read that right.
President Bukele has always been a big fan of Bitcoin. Like, a really big fan. So big, in fact, that he recently led the charge when El Salvador became the first country to adopt the cryptocurrency as legal tender.
But as it turns out, this wasn’t enough. Bukele has now unveiled plans for Bitcoin City – a crypto-powered tax haven city that uses the geothermal energy of a nearby volcano to mine Bitcoin. In the artist’s rendition that was recently unveiled, there’s a giant Bitcoin symbol at the heart of the city.
It’s all in the timing
Bukele is showing no sign of backing down – even in the face of the current crypto crash. Bitcoin and many other cryptocurrencies have tanked in value in recent days, but that’s not putting this Bitcoin bro off the scent. As the market dipped, El Salvador officially bought 500 more tokens.
Clearly Bukele won’t be swayed by Bitcoin’s wobbles – but what about his own country’s financial woes? El Salvador’s credit rating is sliding, and the initial plans to sell $1 billion worth of 10-year, 7.5% coupon ‘volcano bonds’ have been scaled back dramatically.
Science fiction or science fact – president Bukele’s game of crypto Russian roulette will have many more twists and turns before the first ground is broken on any kind of Bitcoin City.
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