BitcoinBitcoin NewsBTC NewsCryptoCryptocurrency NewsGeneral NewsNews

El Salvador Plans A Bitcoin City

El Salvador Plans A Bitcoin City

A well-known Bitcoin news website Bitcoin Magazine recently tweeted an image of El Salvador’s future Bitcoin City.

El Salvador’s “Bitcoin City”

Using geothermal energy from a volcano, Nayib Bukele plans to build “Bitcoin City,” the world’s first dedicated cryptocurrency trading center.

The city’s central square will include a massive Bitcoin logo, while a metallic walkway will encircle the volcano like a halo.

This announcement comes at a bad time for President Nayib Bukele’s high-stakes cryptocurrency gamble, since Bitcoin, the most traded cryptocurrency, has lost half its value in a week’s time.

However, the president, a frequent user of social media, is doubling down, directing his economics ministry to acquire 500 additional bitcoins to add to its current stockpile of 1,801 bitcoins, declaring that the Central American country had “bought the drop.”

Mr. Bukele then boasted a few hours later that he could gain $11 million by selling his new Bitcoins right away, but he decided to keep them. Nearly £30 million will have been spent on the 500 Bitcoins.


Related Articles

Trading on Huobi’s cryptocurrency exchange has begun on its Australian platform

Akansha Kesarwani

OpenSea Launches an Advanced Web3 Marketplace Protocol

Mridul Srivastava

Cryptocurrency News | Plummeting Currencies push Tether into Top 5 Market Cap Rankings

Akansha Kesarwani