El Salvador has already revolutionized accepting bitcoin in a nation, as El Salvador is the first country to adopt bitcoin as a legal tender. Furthermore, the president of El Salvador, Nayab, recently announced that bitcoin is a national currency and his plans to build a bitcoin city. Thus, there are two national currencies in El Salvador at the instance.
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El Salvador is correspondingly to build the central bitcoin city; yes, you read it entirely right. Of course, there are many cryptocurrencies in the marketplace with many real-life applications. However, El Salvador has always preferred bitcoin over any other digital currency as the value of bitcoin in the marketplace is very high. All the more, every altcoin ever-existing follows the market trend similar to bitcoin. So let’s find out what the president of El Salvador has to say about the first-ever bitcoin city.
El Salvador and Bitcoin Corundum!
As mentioned above, El Salvador became the first-ever country to adopt bitcoin as a legal tender, and bitcoin is now a national currency in the country. According to the higher authorities of El Salvador, people can pay with bitcoin by their choice.
The higher authorities even created a specialized bitcoin wallet for the Salvadorans; every Salvadoran gets a signup bonus of $30 in bitcoin. 33% of El Salvadoran’s population is currently using the wallet and is paying with bitcoin. El Salvadoran is also setting up a geothermal plant for bitcoin mining.
El Salvador strategies to form the first-ever bitcoin city
According to Bukele, the bitcoin city will include suburban and marketable areas. All the more, it will feature a chief precinct to resemble the bitcoin symbol from the sky. As the portion mentioned above describes, bitcoin city will be based on the virtue of bitcoin bonds. The country has planned to authorize the foremost bitcoin bonds in 2022.
Bukele has also stated that to circulate bitcoin all around the globe and make it a national currency, every country should make some bitcoin cities. Bukele has stated that you can invest any amount of funds in these cities, and the profit potential will be limitless. For example, everyone familiar with El Salvador has one volcano, making the country an ecological region. Bitcoin mining plants will use the geothermal energy from this volcano only.
Higher authorities have claimed that 50% of the population’s VAT will be deposited in bitcoin bonds to make the first-ever bitcoin city. Some news sources have correspondingly defined the infrastructure cost as $18 billion.
Bonds will be authorized on a liquid network.
The liquid network is one of the popular bitcoin sidechains, and the bitcoin bonds will be present on this bitcoin sidechain. El Salvadoran’s higher authorities put the best foot forward to strengthen the security laws to speed up the progression. Therefore, the only exchange that will have the permission to perform the operations related to the first-ever bitcoin city created in El Salvador is Bitifnex.
Is it an excellent decision to make bitcoin cities?
Bitcoin has been present in the mainstream marketplace for a very long time. However, mow, one of the members of El Salvadorans higher authorities, stated that if bitcoin touches the mark of $ 1 million in the upcoming five years, they will trade their bitcoin units in two possible quarters and regain that $500 million amount.
In a nutshell, Mow clearly stated that they are very confident about the future of bitcoin and other cryptocurrencies. Therefore, making bitcoin a city is a good decision as it will circulate the bitcoin supply enormously across the globe.
The portion mentioned above depicts El Salvadorans plan for the first-ever bitcoin city and how it can help the bitcoin industry.