El Salvador Plans World’s First Bitcoin City

El Salvador is looking to create the world’s first Bitcoin City. They were already the first country to accept Bitcoin as a legal tender.

The country is looking to raise $1 billion in the form of “Bitcoin Bonds”. investors in the new Bitcoin bond will receive an annual special dividend in return. President Nayib Bukele revealed half of the funds raised from the bond will be used to purchase more bitcoin, and the other half will be used for energy and bitcoin mining infrastructure.

This city is planning to be built by the Conchagua volcano. The city residing next to the volcano will allow the city to use geothermal energy. Construction is expected to begin in 2022.

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