The President of El Salvador, Namibia Bukele, wants to build “Bitcoin City”, a new city fueled by the energy of a volcano and financed with cryptocurrency debt.
New step in the crypto-revolution in El Salvador: President Namibia Bukele wants to build “Bitcoin City”, a new city powered by the energy of a volcano and financed with debt in cryptocurrencies.
Bitcoin City “will include everything: residential neighborhoods, other businesses, services, museums, places of recreation … airports, ports, trains,” said the president this Saturday, November 20, during a bitcoin conference in Latin America.
An official currency status in El Salvador
Since September 7, El Salvador uses bitcoin as its official currency, just like the US dollar. According to Namibia Bukele, the Conchagua volcano “will provide the necessary energy for the entire city and will also fuel the mining” of cryptocurrencies.
The creation or “mining” of cryptocurrencies, dominated by bitcoin, is carried out by computers that solve complex mathematical problems and whose operation requires a large amount of electrical energy. In El Salvador, part of this energy is supplied by a geothermal plant powered by the Tecapa volcano.
According to Namibia Bukele, this Tecapa-linked facility will initially be used for Bitcoin City before a second geothermal plant powered by the Conchagua volcano is built.
“Zero CO2 emissions. It is a completely ecological city,” said the Salvadoran president. To finance the project, El Salvador plans to issue $ 1 billion worth of bitcoin-denominated bonds in 2022, according to Samson Mow, an official at Blockstream, a company that provides the so-called blockchain technology on which cryptocurrencies are based.
Half of the funds will be invested in bitcoins and the other half in infrastructure, said Namibia Bukele, who however did not set the timetable for building the city.
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