El Salvador President Bukele Announces Development Plan for "Bitcoin City"

According to reports, El Salvador’s president, Nayib Bukele, reportedly unveiled plans for the country’s planned Bitcoin City development shortly after the country’s latest purchase of 500 BTC. While details are scant and no completion date is mentioned, the Central American country's leader noted that the city would have plenty of greenery and blue seas. The scale model also shows night scenes, landmarks, and airports. In addition, the model shows photos of onlookers watching the volcano. The proposed city will also be located in the eastern region of La Union, near the Conchagua volcano, whose geothermal power will be used for bitcoin mining. To support the project, the government plans to seek to raise $1 billion in bitcoin-backed bonds, which are expected to mature in 2032 and bear an annual interest rate of 6.5%. However, in March 2022, El Salvador delayed its planned bitcoin bond issuance, citing unfavorable market conditions.