President Nayib Bukele of El Salvador has unveiled development plans for the country’s planned Bitcoin City shortly after the nation made its latest BTC purchase.
Bukele Moving Ahead With Bitcoin City Project
The El Salvadoran President showed pictures of the architectural model via a Twitter thread, saying, the “City is coming along beautifully.”
While details were sparse, with no mention of a completion date, the leader of the Central American country noted that the city will have lots of green trees, along with a blue sea. The scale model also showed a night view, landmarks, and airports.
Furthermore, the model showed a picture of onlookers having a view of the volcano. Bukele earlier revealed in 2021 plans to use energy from volcanoes for bitcoin mining. Later in October of the same year, the El Salvador President announced that the country’s new volcanic mining facility mined its first BTC.
The latest development comes nearly six months after Bukele revealed an ambitious plan to build a Bitcoin City. Back in November 2021, the President said that it will have a circular shape, inspired by cities constructed by Alexander the Great.
The proposed city will also be located in the eastern region of La Union, close to the Conchagua volcano, whose geothermal power will be used for bitcoin mining.
To support the project, the government is looking to raise a $1 billion bitcoin-backed bond, which is supposed to mature in 2032 and offers an interest rate of 6.5% annually.
While $500 million will be invested in BTC, the remaining $500 million will go into constructing 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 earlier reported by CryptoPotato, Bukele took advantage of the crypto market price slump to buy 500 BTC. According to the President, the El Salvadoran market bought the bitcoin at an average price of $30,744 each.
Shortly after the purchase, Bukele tweeted, “I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not.” The country’s total BTC stash is estimated to be about 2,301.