The Bitcoin-friendly president of El Salvador, Nayib Bukele, said that his country plans to build the world's first Bitcoin City at a Bitcoin investment summit on Saturday.
The city will be located in between the municipalities of La Unión and Conchagua in the eastern department La Unión.
The outset by the issuance of Bitcoin-backed billion-dollar bonds in 2022 will be used as the initial costs for developing the so-called Bitcoin City.
Fireworks were followed by Bitcoin maxi Bukele's address at the closing ceremony of a week-long Bitcoin conference in El Salvador.
They definitely didn’t skimp on the production budget for Bukele’s entrance — Metaverse avatar and all pic.twitter.com/VwspEggmLe
Bukele addressed the assembled crowd and said that the geothermal energy generated from nearby volcanoes will be used to power Bitcoin City and it will be tax-free except for value-added tax (VAT).
"Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volc...