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President Bukele reveals plans of proposed ambitious Bitcoin City

President Bukele reveals plans of proposed ambitious Bitcoin City, Crypto Trading News

President Nayib Bukele of El Salvador has planned development plans for the Bitcoin City of the country unveiled shortly after the nation made its latest BTC purchase.

Bukele drives Bitcoin City project forward

Sharing images of the architectural model via a Twitter thread, the President of El Salvador said: “The city is progressing beautifully.”

While details were scant and no completion date was mentioned, the Central American country’s leader noted that the city will have plenty of green trees and a blue sea. The scale model also featured a night view, landmarks and airports.

In addition, the model showed an image of spectators looking at the volcano. Bukele had previously unveiled plans in 2021 to harness volcanic energy for the Bitcoin mining to use. Later in October of the same year, the President of El Salvador announced that the country’s new volcanic mining facility had mined its first BTC.

The latest development comes almost six months after Bukele unveiled an ambitious plan to build a Bitcoin City. Back in November 2021, the President said it will have a circular shape, inspired by cities built by Alexander the Great.

The proposed city will also be in the eastern La Union region near the Conchagua volcano, whose geothermal energy is used for Bitcoin mining.

To support the project, the government intends to raise a $1 billion bitcoin-backed bond, due to mature in 2032, which will offer an interest rate of 6.5% annually.

While $500 million will be invested in BTC, the remaining $500 million will go towards building the city. However, in March 2022, El Salvador postponed the planned offering of its bitcoin bond, citing adverse market conditions.

El Salvador holds an estimated 2,301 BTC

As previously reported by CryptoPotatoBukele took advantage of the price drop in the crypto market to 500 BTC to buy. According to the President, the El Salvadoran market bought the bitcoins at an average price of $30,744 each.

Shortly after the purchase, Bukele tweeted: “I could sell these coins right now and make close to a million dollars in just 11 hours, but of course not.” The country’s total BTC supply is estimated at around 2,301.

Source: Crypto News Deutsch

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