'Bitcoin City' Created by El Salvador with $500 Million

El Salvador's president, Nayib Bukele, said: Nayib Watch For a raucous crown in a Saturday night presentation at Bitcoin Week, Bitcoin City Located along the Gulf of Fonseca Fonseca near a volcano.

The government plans to locate a power plant near this volcano to provide power to both the city and Bitcoin mining.

According to him, it will be Bitcoin City“ A complete city with residential and commercial areas, restaurants, and an airport, as well as a port and rail service.

It will be placed in a circle (looks like a coin), in the city center will be a plaza that will host a huge Bitcoin token, and the city will have no income, property, capital gains, or payroll taxes.

Bukele also said that El Salvador plans to issue bonds Bitcoin Worth $1 billion, a token financial instrument developed by Blockstream On the Liquid Network Liquid Network.

Of this amount, it will be used 500 $1 million to help build the infrastructure needed for bitcoin mining and energy, And 500 Million dollars to buy more bitcoin.

At the recent cryptocurrency trading price, which reached about 59 thousand dollars, that would make the country's treasury hidden to just under 2000 Bitcoin.

Block Stream said in a securities issue that El Salvador intends to create a securities law and grant a license to Bitfinex Securities to process the issue.

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Bitcoin in the next five years

According to a Bloomberg report, $1 billion in token bonds will be denominated in US dollars for a period of 10 6 years and will be paid.5% At first.

According to Samson Mo Samson Mow After a five-year prison term, El Salvador will begin selling its cryptocurrency holdings and paying additional dividends to bondholders, according to Bloomberg.

And by the time that elapsed 10 years, the annual percentage return will reach 146%، According to Blockstream Models, Bitcoin is expected to reach $1 million over the next five years.

In fact, through the use of 500 With $1 million in proceeds from buying bitcoin and locking it up for five years, El Salvador hopes that by taking much of the cryptocurrency out of circulation for a long time.

help contribute to the rise in the price of Bitcoin, according to Mo, and that El Salvador will become “the singapore latin america“.

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