Earlier this year, the country of El Salvador became the first country in the world accepts bitcoin as a legal tender. The government also launched their own digital wallets and provided $ 33 in bitcoin to all its citizens. So it looks like the government is taking their interest in bitcoin to the next level.
In an announcement by the country’s President Nayib Bukele, it appears that the government of El Salvador will build a “bitcoin city” in the southeastern part of La Unión at the base of the Conchagua volcano. They seem to want to use the geothermal power of the volcano to help boost bitcoin imports.
The city will also be designed to represent the face of a large coin and according to President Nayib Bukele, “Residential areas, business premises, services, museums, entertainment, bars, restaurants, airports, cities, trains – everything is dedicated to Bitcoin.” It’s a savage idea although it’s not clear when it is expected to end.
While it’s interesting that El Salvador is embracing the future of digital currencies like bitcoin, many have criticized the decision. This is due to the volatility of bitcoin which can be very volatile in price, which some feared would cause instability and price.