El Salvador’s Conchagua Volcano may soon become the site of a gleaming new Bitcoin City. The city will be powered by geothermal energy from the volcano and run on Bitcoin. The government’s renderings show a circular conurbation radiating from a B-shaped center plaza.
El Salvador’s Conchagua Volcano may soon become the site of a gleaming new Bitcoin City
Every day, people are transported to an ecotourism sanctuary on El Salvador’s Conchagua Volcano by a converted garbage truck. The automobile screams down a cratered road, tossing passengers from side to side. They burst out onto the summit’s sun-dappled woods and are rewarded with breathtaking views of the deep blue Gulf of Fonseca.
El Salvador’s president, Nayib Bukele, said in November 2021 that the volcano would be turned into a gleaming new Bitcoin City. A massive development project to transform a virgin forest into a bustling metropolis could begin shortly.
The government’s renderings show a circular conurbation radiating from a B-shaped central plaza, as well as a technicolor street plan resembling what you’d see if you squinted into a kaleidoscope. Bitcoin will power the local economy, and the city will be powered by volcanic geothermal energy. Residents will only be required to pay taxes on the goods and services they buy.
El Salvador is selling $1 billion in US dollars in “Volcano Bonds.” Half of the money invested in the bonds will be used to build Bitcoin City and Bitcoin mining activities, while the other half will be used to purchase Bitcoin, which might be used to pay off the bonds in the future if the price of Bitcoin grows.
The Salvadoran finance minister, Alejandro Zelaya, indicated in early April that the bonds had attracted $1.5 billion in demand and would be issued soon after delays. The majority of bonds will most certainly be purchased by cryptocurrency investors, some of whom may be granted Salvadoran citizenship if they spend up to $100,000.
Bitcoin City will be a magnificent embodiment of cryptocurrency’s world-building ambitions if it is ever made. Foreign capitalists, on the other hand, have already parachuted into Central America with promises of riches, only to capture land and profit.
The region has a long history of economic exploitation, with the most apparent example being the “banana republics” of the early twentieth century, when the United Fruit Company seized political power in Honduras, Guatemala, and Costa Rica. The term “export processing” has just come into use.
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