El Salvador President Nayib Bukele closed out a week-long promotion of Bitcoin by unveiling his plans to construct an oceanside “Bitcoin City”, funded initially by Bitcoin backed bonds, built by the Conchagua volcano to harness geothermal energy for both the city’s power grid and Bitcoin mining.
Speaking to a lively crowd at the beach resort of Mizata dressed in his signature white backwards baseball cap, Bukele said the city is being planned for the eastern region of La Union and will be free from taxes outside of value-added tax (VAT) which are flat taxes levied on an item.
Addressing the crowd in English, Bukele said,
“Invest here and make all the money you want…this is a fully ecological city that works and is energised by a volcano.”
A bond offering is being planned for early 2022 and construction will commence 60 days after financing is secured. President Bukele also unveiled plans to utilize 50% of the VAT levied to fund the bonds which will be issued to build the city. The other 50% will be tapped into to provide basic services and infrastructure for the new city.
Bukele laid out his vision for a circular city with an international airport, residential and commercial sectors, and a central plaza designed like a Bitcoin symbol fueled by the memory of Alexander the Great saying,
“If you want bitcoin to spread over the world, we should build some Alexandrias,”
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