El Salvador’s President, Nayib Bukele, has presented development plans for the country’s proposed Bitcoin City just days after the country made its most recent BTC purchase. The President of El Salvador posted photos of the architectural model on Twitter, adding, “The City is coming along splendidly.”
The leader of the Central American country highlighted that the city would have many green trees and a turquoise sea, despite the lack of details and no mention of a completion date. A night view, landmarks, and airports were also included in the scale model.
A photo of bystanders with a view of the volcano was also included in the model. Bukele previously disclosed intentions to mine bitcoin using volcanic energy in 2021. El Salvador’s president declared in October of that year that the country’s new volcano mining plant had mined its first Bitcoin.
Bukele disclosed an ambitious proposal to establish a Bitcoin City about six months ago, and this is the latest update. The President stated in November 2021 that it would be circular in design, inspired by Alexander the Great’s cities.
The projected metropolis will also be located in La Union’s eastern part, near the Conchagua volcano, whose geothermal energy will be used to fuel bitcoin mining.
The government plans to sell $1 billion in bitcoin-backed bonds to fund the project, which will mature in 2032 and pay a 6.5 percent annual interest rate.
The remaining $500 million will be used to build the city, while $500 million will be invested in BTC. El Salvador, on the other hand, postponed the scheduled selling of its Bitcoin bond in March 2022, citing adverse market conditions.
