El Salvador President Nayib Bukele showed the layout of Bitcoin City

El Salvador’s President Nayib Bukele unveiled the country’s development plans for Bitcoin City and tweeted an architectural model with the caption “The city is developing beautifully.”

El Salvador President Nayib Bukele showed the layout of Bitcoin City

The leader of the Central American country noted that the city will have many trees and the sea. The scale model shows landmarks and airports at night.

El Salvador President Nayib Bukele showed the layout of Bitcoin City

It is planned that the financial system of the crypto-megalopolis will make it possible to do without levying taxes.

El Salvador President Nayib Bukele showed the layout of Bitcoin City

In addition, the city will host tours around the volcano, the energy of which will be used to mine bitcoin. In the past, a mining farm using geothermal energy has already allowed the extraction of several cryptocoins.

El Salvador President Nayib Bukele showed the layout of Bitcoin City

It is known that Bitcoin City will have a round shape, “inspired by the cities built by Alexander the Great.” It will be located in the eastern part of La Union, near the Conchagua volcano.

El Salvador President Nayib Bukele showed the layout of Bitcoin City

Bukele took advantage of the current price drop in the cryptocurrency market to buy an additional 500 BTC. According to him, Bitcoins were bought at an average price of $30,744 per coin.

I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not,” Bukele tweeted.

To finance the project, Bitcoin bonds will be issued on the Liquid Network. The placement volume is $1 billion, half of which will be spent on buying BTC. The project involves Blockstream and Bitfinex.

El Salvador President Nayib Bukele showed the layout of Bitcoin City

El Salvador’s supply is currently valued at around 2,301 BTC.

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