Bitcoin City in El Salvador Backed by $1 Billion Bitcoin Bond

Bitcoin City in El Salvador Backed by $1 Billion Bitcoin Bond
  • Bitfinex alone has enough whales to fund the $1 Billion Bitcoin bond.
  • El Salvador is currently at the forefront of Bitcoin initiatives.

After being the first nation to do so, El Salvador quickly becomes the “capital of Bitcoin.” The nation plans to launch a revolutionary project named the “Bitcoin City” as one of its numerous suggested measures to further its “Bitcoin dream.” Nayib Bukele, President of El Salvador, revealed this idea during the Bitcoin Week conference.

Moreover, Bitcoin City will include residential areas, restaurants, a port, retail complexes, and everything else related to Bitcoin. Furthermore, Bukele claims that residents will be charged VAT (VAT). This will be used for city upkeep, infrastructure bonds, and municipal bond payments.

Many industry giants, including Bitfinex and Blockstream, have expressed their gratitude for Bitcoin City’s growth. Paolo Ardoino, the chief technology officer of Bitfinex, will build a securities platform to hold Bitcoin bonds.

Veterinary Facility and Schools Using Bitcoin Funds

According to Blockstream’s Chief Security Officer, Samson Mao, Bitfinex alone has enough whales to fund the $1 Billion Bitcoin bond. He also revealed that $500 million of the Bitcoin bond would be locked up for five years, removing it from worldwide circulation. He said that ten nations launching similar programs might absorb half of the 21 million Bitcoin in circulation.

The country has just completed the construction of a veterinary facility using funds from its Bitcoin Trust account. Furthermore, the country’s government recently announced that the income from its Bitcoin Trust account would be used to construct 20 new schools. El Salvador is currently at the forefront of Bitcoin initiatives, and there will be more to come.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.