Bitcoin Forum

El Salvador have continued to take the lead in cryptocurrency adoption, first the country announced bitcoin as a legal tender some months ago and the latest is the official opening of a bitcoin city which will serve as a free trade zone that will house top exchanges and bitcoin mining farms. The president announced this project which is backed with a 1 billion dollars worth of bitcoin as a bond.
https://cointelegraph.com/news/el-salvador-to-inaugurate-bitcoin-city-backed-by-1b-bitcoin-bonds

That would be nice! since they were the first country to adopt the use of bitcoin, they should be the first to create such a city that everything you need about cryptocurrencies will be there. I think they've done the job well that's why they want to further expand their innovations with the help of bitcoins. everything was working out well with El Salvador, investors should be aware of possible profit when they finalized their decision about creating that Bitcoin City, I'm sure the first to invest will be the first to earn.

Let's see how it's going from Bitcoin Genesis block, Bitcoin Pizza Day, First Bitcoin Futures, Bitcoin Legal Tender (El Salvador Bitcoin day), Bitcoin ETF, to Bitcoin city.

Some articles to read and learn about history of Bitcoin. How it started and how it grows so far. 12 years, not short but not too long. Fortunately the growth of Bitcoin is amazing.

https://en.bitcoin.it/wiki/Genesis_block
https://www.businessinsider.com/national-bitcoin-pizza-day-celebrated-crypto-laszlo-hanyecz-fans-2021-5
https://www.reuters.com/article/us-bitcoin-futures-co
https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/
https://www.coindesk.com/business/2021/11/21/el-salvador-to-create-bitcoin-city-use-500m-of-planned-1b-bond-offering-to-buy-more-crypto/

I agree that this is not just a nice move but another great one from the El Salvadorian President Nayib Bukeleand his Government. They have continued to prove to others that this can be done and particularly even mapping out some of the investment to be completed like the schools and the veterinary hospital. I believe they will get all the support they need to fulfill this move from the institutions that are connected to it.

El Salvador is making history with its powerful moves on cryptocurrency adoption as well as backing the economical system of the country. Long back itself there were more and more discussion on which city is going to be the fintech centre for the world. Years back it was termed to be Singapore, but things have changed and now it is El Salvador. More and more number of business will head quarter in El Salvador in the coming years generating revenue to the country.

Unlike many other projects that have been speculated and talked about for years, I am pretty sure that this project will succeed only because its location is El Salvador. Because everything their president has announced and promised so far has come true, from Bitcoin becoming a legal tender, to building a mining farm that uses geothermal energy from volcanoes.

Some call him a dictator, a man who abuses his powers, and a lunatic who will ruin the country - but I think it's the most exciting country when it comes to Bitcoin, something most of us can only dream of. Although at first, I was a bit skeptical about all this, now I see that these are not just empty words and promises - I hope to visit Bitcoin City one day :)

wow that's a new history again for El Salvador and for sure there will be more surprises in the future.. Just imagine how they came to that situation if they really don't like such asset or let say they don't have good views with bitcoin, i believe most enthusiast will be proud on them right now.. wherein despite of some factors that until now keep halting bitcoin in other countries but they still pushing and upgrading bitcoin because of their determination and good views in it.. Thats a big thumbs up to be honest..

El Salvador has the guts to implement that project despite all of the negative comments from the world biggest lenders like the World Bank and IMF, it seems that El Salvador has not deterred, and maybe if that project will become successful I think some of neighboring Latin American countries will follow that Bitcoin strategy and the chain of global cryptocurrency adoption will increase if that happens I think China will realize their mistake about banning Bitcoin and cryptocurrencies. 

I just hope that with all this project, they will be able to back things up because if this plan doesn't go as planned, the El Salvador population are the one's that's going to suffer the most and not to mention that they haven't experienced a really big market dump yet, things will definitely get interesting in that time. Also, it's hard to be certain that businesses will flock to El Salvador just because they are a crypto city, El Salvador must offer more than that.

The main pace of Bitcoin is really growing rapidly in El Salvador, going quite smoothly even though at first they had problems and they were able to overcome it so easily. Not a few are contradictory but the government there is so pro against the adoption of Bitcoin. So as a form of appreciation and achievement that they carried out for the first time Bitcoin was legalized and until now we certainly see El Salvador's contribution to being the first country that can develop even more rapidly in the future.

If there implementation will be good and proven effective many cities might consider accepting crypto fully. It might be a risky move but everything is worth risking if the plan is better executed. There is really a need to try to whether see if it’s really applicable to run a community with bitcoin and hopefully it will went well as it can inspire others to fully allow it as well another huge adoption might happen.

So these are the project’s highlights, as far as I can make it to date:

-   The city will be built between La Unión and Conchagua.
-   It will consume geothermal energy.
-   It will be essentially free from tax (no tax on income, capital gains, property, payroll, city taxes, CO2 tax). The only tax that will apply is the VAT (Value Added Tax), being this tax used to pay for the city’s infrastructure, maintenance, and to pay out for the city bonds (see further down).
-   Free from CO2 emissions.
-   It will start to be built next year, near the Conchagua volcano (… easy there …)
-   It will have all the full-fledged services that you’d expect in a city.
-   It will be initially funded through tokenized bitcoin bonds for a facial value of 1.000M $, out of which 500M $ will be invested in bitcoin, and the other 500M $ will go towards infrastructure, energy and mining. Nevertheless, I've read that they estimate needing 300 000 BTCs (17 774 M$) to fully fund the public infrastructure, without there bein and explanation as to how to fill the gap between the initial funding and the x17 needed figure.

I kind of get the feeling that @Bukele is betting heavily on "bitcoin going up forever". The fact that half of the income from the bonds will be used to purchase bitcoin, gives me the impression that part of the plan is to do what we’ve already seen before: use bitcoin as a source to finance part of the project, but not being transparent on the plan of action if the price were to go south instead of north. The tax plan is not aligned with anything we’re used to, and if seems a wonder how the budget will be set and met.

There are still many details to be portrayed, and I’m personally perplexed and wondering if this is an act of madness or bravery …

See :
https://www-criptonoticias-com.translate.goog/comunidad/adopcion/nayib-bukele-anuncia-bitcoin-city-primera-ciudad-bitcoiner-mundo/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

https://twitter.com/nayibbukele

Looks like I just have to put El Salvador on my travel bucket list this time. It just gets even better since the president making Bitcoin as legal tender in their country. Although that there were mixed reactions from the citizens (and even Vitalik Buterin criticizing the decision), the important is that there's massive adoption and awareness of Bitcoin and cryptocurrencies in the country.

Looking forward to the Bitcoin City. It will be a brand new tourist attraction for crypto enthusiasts around the world.

If he would have said 5-10 billion, yeah, maybe he had a plan.
For half a billion you're not going to build a city, not in Salvador.

I was going through projects in Salvador and seems that most projects are at the same cost the cheapest in central Europe., around $400 million for 100km of near highway standard roads.
I've checked also a few prices on apartments and the cheapest ones stand for 40k, Let's assume you manage to get construction for only 20k, you will still only be able to build only 20k apartments in that city for all the money.
The first stage of the Berlin powerplant, just 50MW was $120m back in 1999 (https://archive.internationalrivers.org/sites/default/files/attached-files/geothermal_prevost2004.pdf) , Hellisheiði Power Station in Iceland with 300MW was around 1 billion only the plant.

No, with 1 billion you're not going to build a city, a village with hot baths yeah, but not a city.

they continue to do a very good job of adopting bitcoin.
Of course this is a pretty good thing for bitcoin users there.
they are always optimistic that it will continue to grow and it is very good with confidence that they are doing things that even other countries are still debating about the legality of bitcoin.
they are indirectly against the global banking system and this is a big step, hopefully things like this continue to grow

Yep, It didn’t add up, until I found a couple of references (*) to the total amount needed for the public infrastructure being that of x17 (I believe I added that to my post as you were writing your post). Now I’m left wondering how they’ll go from one figure to the other, and what the timeframe is for the complete project. I guess we’ll see more of this over time.

(*) for example, this one:
https://www-businessinsider-es.translate.goog/bitcoin-city-primera-ciudad-financiada-criptomoneda-968367?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

It's always nice to see experiments involving bitcoin, but in this case I ask myself if it wouldn't be more worthful to invest in already existing structures (cities) when adopting geothermal energy and offering all those tax free policies to salvadorean citizens.

In fact there is going to be lots of criticisms, because people from another cities will inquire the government about the benefits residents from this new city are going to have, which won't be disponible for everyone else at same time.

Very good Lucius, I have seen before that you were not entirely positive towards ES
and Bukele. Your turnaround could be a sign that many more will change their minds.

We have to remember that El Salvador are breaking new ground with their Bitcoin
adoption, they are also doing it alone, no other country is helping (as far as we know anyway).

I hope as their plans progress that the country as a whole can benefit not just the elite.

Ironically, now it becomes believable....
With $17 billion, yeah you can build a city and a power station, although there is also an airport mentioned there, and just with that if you make it an international one again blowing the budget but maybe it's just for small planes and not transatlantic.

Now, the question, how is a country that has an anual GDP of 28 billion finance a 17 billion city?  ;D

El Salvador showed a lot of things we didn't expect to be the most loyal country in Bitcoin. And they deserve to spark a Bitcoin city where Bitcoin's presence is welcomed in this country. Whereas previously Bitcoin was an enemy that the government of a country had to fight. But El Salvador opened our eyes, that Bitcoin can live among us without needing to attack each other. Because the merger of the government with Bitcoin actually became the beginning of a pilot country to open the world's eyes wide to the existence of Bitcoin.

The realization of the project is a good thing for the position of bitcoin itself as a legal currency in their country and also this will make the market grow again. I really didn't think before that the country is constantly making effort to leverage other resource to make everyone there believe that bitcoin is far superior to fiat. If this adoption can really boost the country's economy, then I believe maybe El Salvador will set up their own bitcoin bank one day.

I don't know what to think about this because Blockstream and Adam Back is involved in this operation and $1 billion will be on federated layer-2 Liquid Network as tokenized bonds.
Notorious Bitfinex exchange will be involved in this operation and I am almost sure that Liquid Tether USDT will be used and printed from thing air (on Liquid this time).
They also plan to create some kind of security tokens on Liquid that should be listed on regulated El Salvadorian securities exchange.
I have no idea how this city will function in real life but I have a feeling this will all be centralized and controlled from some central authority or government, but let's wait and see.

Since it was announced that Bitcoin as a legal tender there, El Salvador has never shown any intention to back down at all, they keep making good buzz, no country is better at supporting bitcoin than el salvador.  i love el salvador.

Bukele has well and truly gone all in on Bitcoin, and with El Salvador having the USD as its currency for the last 20 years I can't say that it comes as a complete surprise.

Does he intend to call it Bitcoin City? That would be pretty naff if so - seems more of a nickname e.g. Silicon Valley, Silicon Alley etc. That said the concept is neat and certainly one to keep track of.

a very amazing decision when bitcoin was announced by El Salvador as one of the legalized transaction tools, but of course it will be a good example if it continues to grow there and does not experience transaction barriers among the community with a secure transaction and wallet system that has been regulated by the government as a transaction APP media

I keep asking myself the following:

How many private mining companies are in El Salvador?

How many private exchanges are in EL salvador?

I think the city idea is exaggerated, the president of El salvador should encourage his people and people abroad to invest in the exchange and mining business, and the government of El salvador should refrain from having state-owned bitcoin mining, should leave this to the private and would charge reduced taxes

this is quite interesting how this pans out. if nothing else, el salvador is leading to promote all in in terms of bitcoin. but am wondering what will happen once Bukele's term is over? will his successor continue his legacy? he has roughly 3 years left on his term. so he better be aggressive with his plans and implement it. so when he leaves, it is pretty much established and his people are already up for it.

It seems like a cool concept sure, but, let's maybe not get ahead of ourselves. Grandiose building plans have been a thing for a hot minute, just look at Dubai. Well, you could also call it oil city, but it doesn't have the same ring to it XD However, as we see with Dubai, the rushed megaprojects tend to have a fair share of their issues. Also, Kairo 2.0 and that super sustainable green city that Saudi Arabia is building is having issues in the planning stages. So let's give this a bit more time.

I like the video they made to promote it...

https://www.youtube.com/watch?v=cS9qCre_sv8

Are you sure with the YT link, the video was in 2015 and not mentioning about bitcoin city but electric city? Don't know if I am missing something here.

But anyhow, if this will push thru, and they can show that they are successful with the implementation of this concept, I am guessing some small countries will follow thru. But more than likely, they will retain their local fiat but they will be more acceptable with crypto payments.

El Salvador took several other countries surprise, Nayib Bukele immediately planned to build a Bitcoin city, which was the first in the world.
to fund the project, the government of El Salvador will soon issue $1 billion Bitcoin bonds by 2022. It is quite a difficult task for Nayib Bukele
to carry out his plans, especially as you said, the leadership of Bukele only has 3 years left. This means that Bukele must act quickly,
so that all his plans can run as expected and provide many benefits for the country of El Salvador and its citizens. If not then his successor
might stop what Bukele has been doing all this time. So far, El Salvador is the foremost country in terms of the use of Bitcoin, in addition to
legalizing Bitcoin as a legal tender, the government of El Salvador continues to actively promote crypto. Many things have been done by
the government of El Salvador to make crypto more popular in the country and the adoption process goes quickly. Hopefully, more countries
will follow in El Salvador's footsteps.

I am very much in agreement that Tether USDT will be used potentially to provide as a source of liquidity or as a medium for transacting without needing the services of the banks. It is speculated that this is also the service provided by Tether to fund China’s property developers like Evergrande when banking services were not available.

A big step by President Nayib Bukele towards attracting foreign investment into El Salvador, rejected miners in China will have an ample opportunity to move their mining equipment to El salvador bitcoin City, where cheap electricity is assured harnessed from Conchagua volcano, massive infrastructural development will be set off, leading to creation of employment opportunities for their citizens, the city will also serve as tourist attraction to bitcoin enthusiasts subsequently boost the economy of their country, I hope Bukele will have the political and economy will that will ensure the bitcoin city see the light of day.

I was not negative in the sense that I think what President Bukele is doing is wrong or bad, but because there is an idea that El Salvador will be the reason why the price of Bitcoin will explode. As much as it was positive news, some expected much more impact on the price due to the fact that Bitcoin has become a legal tender in that country. The problem is that it is El Salvador, for the most part, a completely unknown and insignificant country that most people would not know how to find on a world map.


Officially, no country provides any financial or logistical assistance, but there are individuals and companies that have contributed to making all these ideas a reality. It should not be forgotten that it all started with the Jack Mallers initiative (Strike CEO) and the Bitcoin Beach project.

The development of crypto in this country is unstoppable, the government alone invested in bitcoin so they will do every promotion to increase the adoption, and they will show as a model that a country could adopt with bitcoin and it will help to grow their economy. I'm expecting that more good news will come related to El Salvador.

El-Salvador is really making headlines with the decision to fully legalize btc, as if that was not enough they have taken a bolder step of building a bitcoin city, it is really amazing to hear, never thought el Salvador will succeed with their decision to fully legalize btc as payment method let alone bring new innovation, let's hope other countries will be inspired by this bold step. Kudos to El-Salvador.

Saw many articles about this case and there are some topics on the forum about it. El Salvador is progressing every day and helping the bitcoin community at the same time with the progress they make, today we see on the news about the first bitcoin city and soon in the future we are going to see bitcoin country and even more, creating such city with the laws the mentioned can help the traders to do tax-free trades there and this will surly be attractive for anyone to even migrate there which can be good for El Salvador government.

Wow. I'm amazed how the president really believe on what can bitcoin do to their economy. This is one great amazing news. And now I wonder where will that bitcoin city take us, like how far will it take us, and what's the opinion of other countries about that kind of move. I'm now very excited on what will happen next.

But right now, I feel like there will be a huge amount of people that will get involve in bitcoin knowing that one country is continuosly supporting bitcoins growth. That's the only thing I'm certain as of now.

El Salvador is now the only country in which BTC is a legal currency.At the presentation of Bitcoin Week the President of El Salvador said that he was going to build a whole city based on the largest cryptocurrency, with an airport, restaurants, cinema, museums, residential areas, railway. And in the center there will be a square on which a huge Bitcoin symbol is placed. The city will have no taxes on income, property, capital gains or wages.
They also plan to issue btc bonds worth $1 billion, a financial instrument developed by Blackstream to develop infrastructure to mine and buy BTC.

At the same time to boost their adoption of cryptocurrencies they offered citizens 30$ for wallets if I remember correctly.

Since the city would be based on the base of the volcano they would have chances to use geothermal energy for the same, for mining and to keep the whole system green.

They are going to be using Bitcoin bonds as well which is a positive thing. But raising 1 billion dollars would be the hard part.

Therefore this would only be an amazing initiative for the whole world, the bitcoin community itself, they would also be using renewable sources of energy which would mean that this volcanic power can help other countries see that bitcoin mining can be sustainable as well.

I’ve been reading though an article and El Salvador’s Presidential House Twitter, and there are some clues as to how the city is meant to look like:

-   The city will be circular in shape, with a large B in it’s centre (it’s actually not going to be a complete circle, since there’s the volcano on the rim of the city (*)).
-   They will install the Bitcoin Museum under the B.
-   The plan is to have:
      50% for the residential areas
      20% for social recreation
      10% for green areas
       8% for industries and offices
       7% for installing digital equipment (whatever that means)
       3% for the eco-infrastructure
       2% for transportation


See:
https://www-criptonoticias-com.translate.goog/comunidad/asi-sera-bitcoin-city-metropoli-circular-salvador/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui
https://twitter.com/PresidenciaSV/status/1450512052427034640
(*) https://www.volcanodiscovery.com/es/conchagua.html

A literally meaning of "In bitcoin we trust", trusting that bitcoin will only have one direction, to rise.

While this project really having huge risks, but this will cause huge benefits to them, investors, and to the whole bitcoin community. Wish them luck  ;D

will become a historic city ,will make other countries open their eyes as wide as possible to make bitcoin legal ,will be more investors ,will see bitcoin hit highs that exceed expectations in 2023 ! I'm sure the price will keep pumping and the news is a very positive reality for bitcoin user !

interesting that this Bitcoin City stuff was announced right before the US chargée d'affaires to el Salvador, Jean Manes, stated that she's going to "leave the country because Bukele's goverment doesn't show any interest in improving the bilateral relationship with the US" ^[1]

https://i.imgflip.com/5v48ws.jpg

---

1. https://www.elsalvador.com/noticias/nacional/jean-manes-abandona-el-salvador-advierte-pausa-relacion-con-estados-unidos/902507/2021/

I'm sure their country will be very lucky because fully support bitcoin. el salvador relentlessly prints history for their country, until whenever el salvador is very well recognized as the first country to fully support bitcoin and have no doubts about it.

The el Salvador president have seen the future and what the economy stand to gain from this initiative to adopt cryptocurrency as a full legal currency, establishing this Bitcoin city will serve as a business hob for cryptocurrency activities which will be first in the world.

What El Salvador government is doing is very fascinating. A free trade zone for Bitcoin would push crypto adoption for all participants in the city to the next level since all entities and parties won't hod themselves back whether they're offering a business or a service. What would be really more interesting is for other countries to follow suit. I guess they won't until they see the success of El Salvador's.

I think everyone does but it looks like El Salvador accepts the challenge and is willing to change its system by welcoming Bitcoin into their country. It has going to appreciate that much and this adoption makes the other countries to give some interest and possibly watching to what is happening in this country. But it looks like they are totally embracing and growing their funds and it can be said that this creates additional attraction and literally it boosts the trust of the merchants towards Bitcoin.

It is fascinating, they really have to try an alternative to the existing currency they
are using, the US Dollar which they have no control over. They are at the mercy of
another country devaluing their currency.

The countries to follow El Salvadors bold move will likely be the ones also using the US
Dollar > https://www.worlddata.info/currencies/usd-us-dollar.php

We can be sure that the El Salvadorian government have a road map for their Bitcoin
adoption and development while there are many who think they are "flying by the seat
of their pants". Bitcoin City is another step in the development.

This is another history for bitcoin that only El Salvador has the guts to do it. For me, this is a big achievement for El Salvador as it has paved its way for a more attraction of profits and boost more big investors that will soon to come to adopt bitcoin. Kudos to the country's president as it was his own initiative and brilliant idea to lead El Salvador into a more progressive and well developed country. And expect that in the years to come, the citizens of El Salvador will start to reap the fruits of their hard work, and once it will happen, other big countries will also take the initiative to adopt bitcoin too for their country's progress. 

Already the country have benefited good from the cryptocurrency investment. From the profit it has been planned for construction of schools and hospitals which is really a good plan to spend on right things. Now they're widening the cryptocurrency adoption to the universal market attracting more businesses to make use of the country.

Formally within the next bull market El Salvador will make itself a big economy out of cryptocurrency investment. The same country serving as the hub for cryptocurrency activities will make more competence to it from the grown countries.

Yes, they are making a BIG history that they're the first country that adopted Bitcoin and becomes a trade zone.  They're now part of the Bitcoin history that should people know and I think there are few countries that had to follow their steps.

El Salvador trying to improve their economy and even it is a risk to invest in Bitcoin their president and the government already studied this.  Because they are trying to be independent towards using dollars and the country of US as well.  However, many countries were now on eyes with them, it might be followed to them if the result is good which I doubted it is.

I don't think all countries are interested in declaring Bitcoin as their own legal tender, it is either the governments have no interest or they just don't want people to gain too much freedom over a currency or perhaps they aren't ready for this kind of setup just yet. Indeed a historical figure claimed as the first Bitcoin city and country, El Salvador will just be one of the many countries in the future to declare Bitcoin as a legal tender.

It can also be argued that if no one wanted to buy El Salvador’s Bitcoin Bond, Bitfinex can print $1 billion USDT to expand their balance sheet and declare the bonds as one of the assets backing the issued USDT.

It appears that Bitfinex can also play the part of the Federal Reserve and the IMF, World Bank at the same time hehehe. I am beginning to become more confident that the people behind Bitfinex, Tether might copy China’s real estate developers’ transactions with shadow banking. It is also rumored that Tether was used to help Evergrande and others with liquidity problems before the collapse.



El Salvador is also working on a digital securities law and plans to issue the first operating license for a securities exchange to Bitfinex, Mow said.

“You know with Bitfinex, they have a lot of whales, so I don’t see a problem filling a billion-dollar bond,” he said.

Source https://www.theblockcrypto.com/post/125075/heres-how-el-salvadors-president-plans-to-use-bitcoin-bonds

Everything will now depend on the implementation. The vision is there already. I think there is already sufficient support both from the country's population and officials and from foreign companies and individuals who are in support of Bitcoin. After a nice blueprint of what a Bitcoin city would look like, what's next is the actual creation of it. But things will not end after everything is created as planned. We will still wait for years to see if the actual function of the Bitcoin City is indeed worth duplicating in other cities.

If they can develop everything, I consider their country will grow fast since they have a new resource of revenue that can help their country compete with the other countries. It is not easy because they are still at a new phase of the transition and need time before fully operating all of their plans. But that is good news for bitcoin as that can help bitcoin become more than today and people out there will see that bitcoin can allow them to make money.

If that can succeed, the other countries with their own resources will think to use them to develop like what El Salvador did. Hopefully, that can boost bitcoin's popularity in their country.

I would like to witness success, however, as a realist I am very skeptical. This might be the first time in the modern world where a planned city will be built from scratch.

Also, the success I would also want to witness is Tether and Bitfinex’s new responsibility as the new IMF to hyperdollarize 3rd world countries hehehe. The IMF will shake their heads because this would certainly be a major use case for USDT.

So this will take place first than the famous Rapper to have a first crypto city? i forgot who is that and where is the place but i heard that years back.


EL Salvador is really making its way to make first step in everything about Bitcoin , is this meaning they will adopt more and more crypto in the future?

really proud to all advance EL Salvadorian that supports their government action towards bitcoin and those who  opposes ? they don't know what they are missing .

I'm happy

This is very easy to accept including me if there is a country.
Concealment.. freedom. ease of stability and low cost. This is very helpful for transfers between wallets / investments. Currently my country is also available and quite complete both local excanger and p2p is free in trade. But not for payment/ transaction.
What do you think is for a country that is not yet literate of bitcoin? Do you agree that some countries don't adopt it?

This is what I am not loving in EL Salvador accepting bitcoin as legal tender because since they are small country and contributing only small portion in this market, all good news in their country not making big effect in the market circulation.
if these news comes from USA or Europe or even China? surely the value of Bitcoin now increases a lot.
but suddenly this one takes no good effect as the price continues to experience decline.
We are all does , but i hope that this will make big difference in bitcoin movement .

I'm very cautious,when I see news about politicians announcing such projects.
What is the incentive for a "top cryptocurrency exchange platform" or a crypto mining farm to locate their business in this so called "Bitcoin city"?No taxes and liberal crypto regulations?That's good,but is there anything else?Good infrastructure?An abundance of blockchain developers and programmers?I don't think so.
This "Bitcoin city" is supposed to be a free trade zone.There's nothing wrong with that,but I don't think that there will be multiple merchants willing to use that free trade zone,because El Salvador is a poor country and the consumer market is very small.
Anyway,that's a good initiative,but I don't trust politicians.They are capable of ruining every good project.

Yeah this country really is a Bitcoin paradise ,  :D

Congratulations to all who lives there, how mi wish our country will have such place in which we can spend everything and transact without hindrances .

also congrats to EL Salvador for this achievements .

The plan to build a bitcoin city at the foot of the El Salvador volcano is a very interesting plan, and if the plan goes well and materializes it will be a new history of all time and will also be proof that bitcoin can advance the country.
And if all the plans of the president of El Salvador Nayib Bukele go well and materialize and also make his country successful because of bitcoin, it will be a concern and an example for other countries that bitcoin will bring good or positive things in the future.

Interestingly enough, what will come of it. At least, it’s even difficult to imagine what could come of it.

Yeup.I have seen the news it was a awesome moment for El Salvador and for the whole crypto community .Its prove that they are really highly interested on it ,Could you ever though a country will straightway announce it as a signal and the will use it as state currency .Really i never though it cause i was thinking about the volatility behave of it but they took it positively and see now the even made acity named in Bitcoin city .Here everything will be on btc and crypto as well .Which country will be the next guys ,i ma really excited for something more if it happen will be the happy man for sure .

We all want to witness El Salvador successful in this venture. So far, the country and its leader are worth praising. In a way, they are already successful in coming up with this kind of breathtaking plan. The odds are not that easy to overcome. So we have to give them credit for being determined in this endeavor. No less than the IMF is hindering this plan of El Salvador. The country needs full support from Bitcoin supporters all over the world. El Salvador is now like a battlefield between Bitcoin and fiat. The failure of Bitcoin City is the triumph of IMF and other fiat institutions. They will say "we told you so, it's not gonna work." We shouldn't allow it.

@Fundamentals Of. The IMF can threaten, however, they cannot do anything to stop this unless the American government takes down Tether and Bitfinex or send the military hehehe.

Also, the project does not need the full support of the community. Everything was planned already before the project has begun. I am quite certain that Tether has a very big part in this and it also an opportunity to expand their balance sheet. I would also not be shocked if the American government sends letters to Tether again for another investigation.

These are countries' leaders are thinking way ahead, risk takers are great gainers. It will attract more attention and more tourist if it really have a bitcoin city of their own. Imagine a city where most of the crypto assets are all welcome to be utilize without worries in a single place. Hope some countries will follow too, we are seeing good news ad by the look of it, it's not impossible all the countries that are top notch will also do this.

Attracting and going ahead, but in return, unfriendly eyes from many countries, and let's not forget such a city is a trade-off between taxes and development, crypto and bitcoin are virtually tax unequal products, once the city is not as ideal as originally planned, the investment costs as well as the nonexistent tax will shake the seats of these leaders. Small cities can run such experiments to check the existence of users, big countries and cities cannot run into such unmanageable products, the ability to reap the benefits is not high, compensating for losses with taxes from other cities is enough to tire the government with the people's screams

One of the countries setting the pace. First, investing in Bitcoin and now wanting to build a whole city  on Bitcoin.
And this is happening at time when other countries are banning Crypto either directly or indirectly. This may open the eyes of other ignorant nations of the enormous potential that crypto posseses.

Nayib Bukele just wanted to show the people and bitcoin community around the world that he is really serious about his idea now that he has adopted bitcoin as a legal currency in El Salvador. What's great about him is that he doesn't talk nonsense, but prove everything with fact as desired. Bukele's seriousness will certainly make the bitcoin community around the world support it and the country will soon become a reflection for many other countries that still depend on a centralized system.

His desire to become the first bitcoin city is commendable in El Salvador, it makes him seem like a courageous leader even though some call him selfish.

I believe with El Salvador Bitcoin adoption other countries will discover the potentials that the economy stands to gain using Bitcoin at this early stage, El Salvador will by far be above other countries in terms of the reserve and profits from these Bitcoin investments.

This is better than the boat for sure. But i don't like much the part of being too close to the volcano... Its fine for mining farms, but why must the city be there as well? Well, lets hope we don't get another Pompey, tho it can arguably be in hundreds of years, who knows...

Imagine Bitcoin reaching 6-figures and Nayib selling almost all. Would definitely pay off a huge sum of their national debt ;D

good move if you be the first to do it, the other will learn anything about this country, and they can be great than this country. but, first achievement always stick in there.
and yeah, boost will be given to bitcoin itself and the other thing that related with bitcoin. promise will haunt because of government move.

A dictator? far from it. It is always like that when some citizens that don't understand what he is doing will likely say stuff like that but they should understand what a dictatorial President acts like  ;D I believe when all this eventually comes together and the citizenry begins to rip the full benefits of what this President is setting up for them in terms of this planned Bitcoin city then they will appreciate all that he is doing now.

El Salvador is trying to become a country that is a strong country in the future economic system by strengthening the economic system through bitcoin so that El Salvador dares to take decisions in increasing transactions with payment systems via bitcoin ATMs. So it's no wonder El Salvador will be the first bitcoin city to legalize it. Other countries still have a level of pros and cons of legalizing bitcoin in their country, El Salvador has been a driving force for other countries to adopt bitcoin.

hopefully what elsavador has done will trigger other countries, especially developing countries to be able to follow suit because it is clear what elsavador has done to make their economy one day will have an impact on improving, it is clear that all countries also want to be like them. we are waiting for the next good news.

Of course, the benefits obtained are extraordinary, what is done is something very positive and spurs improvement for the country's economy and what is done is something very positive and will continue to make improvements in the future.

There is something EL Salvador wanted to prove and that is they are the Bitcoin Haven , their country wanted to be Known as first in almost everything about Bitcoin, if they will only be the first to adopt bitcoin years back? for sure they will be the first to install Bitcoin ATM machines but of course they are not.
So let This country continue their Legacy about bitcoin and hoping that they will extend the adoption and will add altcoins in the future .

Bukele has already mentioned they have been accumulating more bitcoin during the dips.
So he has much more now than what was reported he had acquired upon the initial purchase some months ago.

There was another place in Europe that had this moniker before.
https://venturebeat.com/2018/07/21/how-tiny-liechtenstein-aims-to-become-a-big-player-in-blockchain
But were known as the Crypto Valley instead for their ease of regulatory lobbying.

We will see the effect of this initiative of El Salvador in at least couple of years. I hope there will be positive change in terms of their economic status. Usually, the cause of failure of most government initiatives is the persons/groups involved, when corruption and other self-interest overcomes the national interest. And it seems that Bukele is more on uplifting the standards of their economic status, so looking forward to see the contribution of crypto involvement in terms of improving their economy.

Adopting Bitcoin does not mean that their economic status will be changing all of a sudden. For people who wants to stores their wealth away from the dollars they can use this as an opportunity and what i am curious to know is what happens when there is a major market crash and how the people of El Salvador will be handling that. It is inevitable that some of them will burn their savings if there is a major crash.

What really surprises me about all this is that a country like El Salvador that has great needs and that lives on its remittances is the country that is showing the most intelligence worldwide, I wonder, what will China think of all this? In general, European countries, the USA and first world countries are the ones that emerge with the best economies, the most stable, in fact the best opportunities, now the one who has the most option of being a power is El Salvador, even in a city they have thought, and in fact they will carry it out, they have a young president with fresh ideas, they are truly pioneers and an example in the world, what country will follow with their example? Will it be another country from the Central or South American continent? or maybe it will wake up the great Europe or the USA that really have very strong economic problems that they want to continue putting on makeup.

I am amused what is the status of this countries wealth by today’s rate?
I mean they have invested heavily into bitcoin infrastructure meaning various investment such as 200+ bitcoin machines and also bought bitcoin frequently.

All this happened when the rate of bitcoin was ATH (the new one) and as we see bitcoin has dropped heavily, this might have hampered the El Salvador investment in worst possible ways.

 Bitcoin city makes me want to visit El Salvador

Is there an official website for this project?

That's an interesting thing and will definitely benefit Bitcoin investors there. El Salvador indeed deserves thumbs up, bravely stepping in the first line to legalize Bitcoin in his country. As the first, of course, El Salvador will continue to innovate, one of which is making the city of Bitcoin as its center. This is really a good thing. El Salvador is not half-hearted in crypto they will continue to run with crypto by their side.

I believe by now the El Salvador government will have familiarize it self with the risk and the volatile nature of bitcoin, I believe in the future they plans will manifest and they economy will be better for it if the price of Bitcoin skyrocketed in the future.

Well it’s not this one (https://www.btc.si/en/bitcoin-city/) in case anybody stumbles upon it, whilst trying to find a website for the project. I’ve search around, but come empty handed. It’s probably not much more yet than the PowerPoint shown during LABITCONF. Once they put-up a site for the project, it will be more binding in terms of the details they’d have to include, subject to much more scrutiny, and I’m not sure that they are there yet.

I believe the project is still at its Blueprint level a lot is yet to be done on the Bitcoin city, I am sure as things progress in the future the website will come up.
Another issue is that not many details on the project are in the public domain aside from the one given out by the President in the opening ceremony.

el salvador wants to prove to the world that by legalizing bitcoin their country will continue to grow and their economy will get better than before, bukele's steps will slowly be accepted by its citizens, although now there are still citizens who oppose, but i am very confident with the efforts that done by bukele in a few years then all their citizens will accept with open arms..

Smart country with a smart youthful president. This is what I expected my country to do with the high rate of unemployment and a massive youth population but no my president thinks we want to destroy the nation economy by shifting from the traditional economy to digital. I hope we get better leader like EL Salvador president. Smaller nations that would love to break away from the debt path should consider adding bitcoin to their national asset.

You know, it is quite nice how El Salvador keep advancing everything that they have done. At first I thought that it was just going to be an ordinary Bitcoin adoption and that’s all, I’m surprised to see that they keep working hard and bringing up new ways and ideas on how they would move forward with their adoption of Bitcoin.

I’m seriously hoping that someday that this is going to benefit them, and I know that for sure, that it is going to happen. Bitcoin is a cryptocurrency that has a chance of increasing in value in future, and imagine in no distant future when it will be worth far more than what it is today, El Salvador will be one of those few countries that will be benefiting very well from it, and that’s because they have taken the lead earlier before others.

El 🇸🇻 Salvador is one country that has adopted Bitcoin in its full sense and the country has spent a chunk of the country's treasury on bitcoin acquisition and in investment projects such as this bitcoin city as park which will cost the country billions of dollars.

that the great news, i think if the el salvador will become the first bitcoin city, and maybe in the future there are many bitcoin city. and i think if this happen, we can use bitcoin and another crpyocurrencies as our regular currencies in that city.
welcome to the future

Sounds nice that El Salvador is taking the next step and creating a whole bitcoin city. Unfortunately I really worry about the security on El Salvador. For the local population the bitcoin city might be a blessing but internationally it could be difficult to take part in such a city. El Salvador has a big crime problem with the famous street gang MS-13 operating from there. If there is too much money involved in bitcoin city it could become the target for the criminals. Central America is different to Iceland where nothing is around the mining farms.

As it stands today, I guess from the previous day and unlike many other projects, I am sure that this project will be successful only because of its location El Salvador. Because everything their president has announced and promised has come true, start with Bitcoin becoming a legal tender. Using different strengths has now created a better position.
Many people make bad comments about him, calling him a person who abuses his power, and a lunatic who will destroy the country - but I think this is the most exciting country in terms of bitcoin. At first, I was a little confused about all of this, but now I see that these are not just empty words and promises. I hope to one day go to Bitcoin City.

That would be good! since they were the first country to adopt the use of bitcoin, they should be the first to create such a city that everything you need about cryptocurrencies will be there.

I believe the project is still at its Blueprint level a lot is yet to be done on the Bitcoin city, I am sure as things progress in the future the website will come up.

After the shocking news that El Salvador legalized Bitcoin as a legal tender, now they are making another breakthrough. By building
the first Bitcoin city, this is very positive news and I believe that soon there will be another Bitcoin city. I am more and more amazed
by the government of El Salvador, they are really very brave to take decisions that are less popular, which other countries restrict the use of
Bitcoin more. El Salvador became a haven for Bitcoin supporters, I really hope that many countries will follow in El Salvador's footsteps,
so Bitcoin can grow even faster and can help the economy of many people.

Very interesting concept to be sure. Although I have some doubts about whether they can pull it off. El Salvador has many problems with government, crime, poverty, etc. However these types of futuristic cities have been proposed as one way to bootstrap development in poorer countries. It could work, or it could turn out to be a walled haven for the rich that doesn't benefit the surrounding country, or it could simply fall apart due to poor governance and corruption. Our fingers are crossed.

I actually see elsalvador is not a special country because it legalizes bitcoin. indeed the background of the government is not good so it requires him to use bitcoin. although at least we give a positive appreciation for legalizing bitcoin. if the country that legalized it was a developed country it might have a different story and impact

Indeed, according to several articles that I read on the internet, El Salvador is indeed a country that has many problems. So your doubts
are understandable, and I also think there is a possibility that what the Salvadoran government is doing ends up failing. But we have to appreciate
what the current government of El Salvador is doing, I see that since Nayib Bukele became president of El Salvador, Nayib Bukele has tried to make
a lot of changes. Including legalizing Bitcoin as a legal tender and now building a Bitcoin city. Nayib Bukele's spirit can be seen in leading
the country of El Salvador, I see Nayib Bukele's leadership style is different from previous El Salvador presidents. I believe El Salvador can be
a better country in the future, usually most presidents prefer to take safe steps, but in contrast to Nayib Bukele who took a high-risk step.
This proves Nayib Bukele's passion to make El Salvador even better. Hopefully, El Salvador will change for the better by building a Bitcoin city.

this is a good news.
El Salvador is always one step faster than other countries on Bitcoin. With Bitcoin, El Salvador is now getting more and more attention. This has also promoted the development of El Salvador.

El Salvador will be the country to set the pace for other countries to follow when it comes to cryptocurrency and blockchain. The Government of other countries is just trying to fight battles that they can never win. The people of El Salvador are very lucky, I will like to visit the Bitcoin City to experience how it will be like to carry out buying and selling with bitcoin freely in the entire city.

Since bitcoin is legal tender countrywide, the experience you mention won’t be specific to the city itself once built, but rather a de facto countrywide possibility.

On the matter of Bitcoin City itself, I personal have conflicted thoughts:

On the one hand, it could become an international business center, with bitcoin at it’s core. That’s probably one of the main aims behind the project. The VAT taxation only policy is secondary, and likely a transitory pole of attraction for people to pivot business and residence there.

On the other hand, it could turn out to be a bit like the story of the milkmaid and her pail. @Bukele is counting on the bonds to get the project kick-started, but he will still require 17 fold ,just to cover the estimated cost of the public infrastructure (https://bitcointalk.org/index.php?topic=5372455.msg58494873#msg58494873). He’s betting highly on bitcoin price going up to pay up for some of the announced projects, and though everyone hopes he’s right (greatly for the sake of each one’s pocket’s sake), there is a chance that these project may meet dire problems if the tide turns for a sustained period of time.

this is good news for bitcoiner in that country, first time will be get positive achievement. maybe, they need to make own crypto, i think this aura will pump it coin.
the question is, is there any plan in this action? or just legalize this game? all of perception, they have good thought to bring people in good future. not only investment, but also believe that crypto will be one of the other good method to do something. good prepare realized will make good future.

It already sparked up some interest on other countries.
I havent remembered well on which one that potential country would make bitcoin as a legal tender after El Salvador
and made out some research and found this one.

https://news.bitcoin.com/5-countries-accept-bitcoin-legal-tender-end-of-next-year-bitmex-ceo/

These are still predictions but lets see if it would really become reality.

Well, wait until El Salvador becomes very profitable and prosperous, then by that time other countries will surely imitate what El Salvador has did. We all know that El Salvador has been facing hard times in its first months with bitcoin and anti bitcoin people has been involved in rallies that failed to drop bitcoin. But at the end of the day, they all come to be united and start to accept bitcoin as their new currency. I think if other countries will start accepting bitcoin too, bitcoin will also work on them. I guess leadership too also matters the most as we need more leaders who are pro crypto rather than being closed minded when it comes to crypto.

I wasn’t aware of this thread, so I started a new thread specifically focusing on the bond financing it @ddmrddmr briefly summarised on the previous message (https://bitcointalk.org/index.php?topic=5372455.msg58494873#msg58494873).

You can read my thread on be bond here.

Everything you wanted to know about ES Volcano Bond and were afraid to ask! (https://bitcointalk.org/index.php?topic=5377037.new#new)

As you can see the focus is quite different, so I think those two thread, if properly managed, can happily coexist.

How about ADA city. Get a bag and live from the dividends?

Get real.

If El Salvador maintains a pro bitcoin attitude as State policy (instead of a single party or ruling group) it will become the wealthiest country in Central America, and the neighbors will have no choice but to try get a piece of the pie by going pro bitcoin.

I'm only worried that if the Bukele party stops being in power the others would adopt the opposite attitude out of revenge. That is how our Latin American countries do politics, and is the reason they have remained in poverty for so long.

The people from El Salvador will hopefully see this and keep voting for them, this opportunity is unique and will never return.

Arena and "El Frente" are disgusting and should be ashamed for their typical myopic attitude that left their own country in poverty for decades.

I think El Salvador is only interested in Bitcoin for now and I have not hard of any altcoins investment in that country, may be in the future el Salvador may diversify but nothing on that at the moment.

New city EI Salvador is been making with the 1B budget. Technology minister of their said، we buy half of Bitcoin and use half of 1B in instrafrucre  of bitcoin mining. And its work will complete in 60 days.

Bravo El Salvador for doing this
How can we get involved to support it??

But of course it is special,  if something conceived bitcoin in its essence it is that it is within the reach of any idea regardless of the economic status of the individual, organization or in this case a country.


How to know !! It is a conjecture within a conjecture, that is, there is no antecedent, we do not know, anyway the story is being written by El Salvador and for now the currency is still legal, this is very important.

So far, El Salvador is still the first country to adopt bitcoin as a currency and the first to build a bitcoin city. Bitcoin has definitely made a huge success in this country as they are now starting to widen their scope when it comes to bitcoin. And i think having this bitcoin city will bring more fortune to El Salvador as its bound to attract a lot of investors and traders from different countries. This will end up generating profits for the people of El  Salvador.

I really hope the price of bitcoin can stabilize or rise so as to prevent naysayers from bashing bitcoin over this and discouraging future leaders from creating similar types of bitcoin cities. However, the price action of bitcoin is unlikely to deter further global adoption as we see in El Salvador.

To a far extent bitcoin price has been stable enough, anywhere around 40k is still a bull market, and judging from recent price movements Bitcoin is more stable now than ever before. Bitcoin global adoption may take some time but it will eventually happen.

El salvador is became a first country in world who accept bitcoin is a legal tender. And it is also known as First bitcoin city. Because government gave 1B fund for make city and information minister has invested half of 1B in bitcoin.

Take it or leave it El Salvador is already the world-leading country when it comes to bitcoin adoption and the truth is in the next few years to come other countries will be looking up to el Salvador to grow their cryptocurrency space and economic benefits of bitcoin in an economy.

Yes, the market isn't bearish. It has been stabilizing, and this time traders make regular earning out of the fluctuation within the specific limit making its less risky. Global adoption requires more time, because at present around 2% of global adoption have taken place. This needs to grow gradually. Some countries keeps supporting, the recent one being Dubai setting it's crypto zone on Dubai World Trade Center. Through this it has planned to be regulator of cryptocurrencies, products and exchanges.

Source : Dubai World Trade Centre to create new crypto hub and become regulator (https://www.google.com/amp/s/cointelegraph.com/news/dubai-world-trade-centre-to-create-new-crypto-hub-and-become-regulator/amp)

i think the el salvador government has thought a lot about this bitcoin acceptance. I think bitcoin has many advantages and provides benefits to the people of el salvador. because, in a country accepting foreign currency such as bitcoin is not easy it needs a lot of analysis, consideration and other factors. and in this respect, el salvador is already one step ahead of other countries.

This another good news Dubai as a world business hub building a dedicated to center for Bitcoin similar to what el Salvador bitcoin city is an indication of countries willingness to adopt Bitcoin in a full scale level.

The policies of El Salvador's President, Nayib Bukele, a relatively poor Central American country, has made history as the first country in the world to adopt bitcoin as the national currency and was passed by the Salvadoran Congress last June.

Of course, the bold policies taken by the president because of their country's situation are;
#. El Salvador does not have its own currency. The country uses American dollars for daily transactions.
#. more than 70% of El Salvador's population is unbanked and works in the informal sector.
#. El Salvador's economy relies heavily on migrant worker remittances, most of whom are in the United States.
where a quarter of its citizens live in America and last year sent remittances of US $ 6 billion (Rp 85.5 trillion). where it is clear that the cost of sending remittances via banks is considered very burdensome to the national economy.

Now this small country in Central America has ambitions to create the world's first Bitcoin city. The city will be in the eastern region of La Union and become a Bitcoin mining center using geothermal power from the Conchagua volcano.

Although there have been many criticisms from within and outside the country, the courage of the president of El Salvador really needs to be appreciated and this is clearly with the aim of progressing for the people and the country, we are waiting for another breakthrough from this country.

If you want to know a little bit more about El Salvador, you can follow this vlog by the Italian fellow bitcoiners from BIP (Bitcoin Italia Podcast), where they tell us about their 10-day long journey across the country:

Missione El Salvador (https://bitcoinitaliapodcast.it/missione-el-salvador)
( English translation available)

Definetly worth a watch!

This is good news for cryptocurrencies. El Salvador is indeed brave and moves fast in crypto, this can be followed by other countries. As a country that has inaugurated Bitcoin as a transaction tool in its country, there is no doubt that El Salvador will also establish the first Bitcoin city.Investors in El Salvador are really lucky with their country's decision, they will no longer be confused about exchanging Bitcoin into fiat to be used as a transaction tool, but can directly use it for transactions.

The Leader of El Salvador  knows how technology will help their economy and also knows what future can bring , this is why he pushes Bitcoin adoption even
are other people in his country that hates the Idea.
they even break some ATH and rallying here and there to take out favoring this government action.
but now issues subside and looks like they are now heading in more act of adoption. as this Bitcoin city will bring light to the whole country and hope that
will also open the eye of other country , in trying to adopt or even learn crypto advantages.

Construction of the bitcoin city will take years and a lot of money to complete.
I guess the future of this “Bitcoin project” will be deemed way before the physical completion of the city.
It will either be a success, projectin El Salvador forward in the charts of the economic well-being, with an avalanche-like effect on other countries, or it will fail miserably, and will leave El Salvador more or less in the current state, with a small reprimand by the IMF.

Time will tell.

This is of course absolutely great news. It’s amazing to me, someone who started their “bitcoin journey” sometime back in 2013, that wer are already at this point. As someone who works in finance I thought I had a better grip on how fast things were going to progress but I would have never guessed by 2021 a country would have adopted bitcoin as fiat.

I’m kinda curious how the people of El Salvador feel personally, not sure I’ve seen many testimonials.

In the report I linked on my penultimate post here above, there you can read an extensive report on how the situation is in the country.

Plenty of use case and feedback from locals.
Define tuo worth a read if you have those kind of curiosities.

A Bitcoin City! sounds amazing. It would be a very different experience altogether to be in a place where you could use Bitcoins for everything. This is going to encourage adoption of Bitcoin as well as other cryptos. Cryptos will become more trustable now and there is a hope of huge growth.

I told before also that El Salvador vision is big and the world super powers like united states' or china will be left behind if they also do not adopt bitcoin.
Since the El Salvador government are gathering and buying bitcoins, they will never face inflation and thier economy will prosper.

And at the same time Americans are printing dollars like there is no tomorrow, i can imagine their faces if the world economy collapses from the USD entering unprecedented inflation figures.

Except for those who kept their bitcoins. Yeah, all those Central Banks worldwide spreading FUD against bitcoin, look who will laugh last.

Someone thinks Bitcoin is going to make El Salvador rekt.
The harsh reality is that the USD peg is making El Salvador rekt too: US are printing dollar like there's no tomorrow, and exporting inflation overseas. Some investors are a little bit smarter (the Chinese use those paper dollars to buy assets in Africa and Europe), some others are at a complete loss, like ES until a few months ago.

The irony that the project is announced in terms of a US dollar equivalent value (which happens to be the other official currency of El Salvador) is slightly comical. While it sounds like a lot and it is for the average person, 1 billion doesn't stretch that far in terms of infrastructure - especially when it is spread across many years. That and the bonds will be paying interest to the owners across all that time, which is conveniently overlooked and hidden away. It's nice to see some faith in Bitcoin, but it all still feels rather gimmicky and the president of El Salvador is just putting people in the country under the whims of an online currency. That might work, but it's still a big gamble and a billion dollars could definitely be used in more productive ways to help this still developing country.

always have to give appreciation to developing countries who want to advance their country in a renewable way by adopting bitcoin even though it is still relatively new, this should be a very good step. as long as the goal is to provide progress for their country and make reforms they want to have to later undergo.
elsavador already wants to go further in a way that wants to continue to be able to introduce bitcoin to its people. continue to move to keep looking ahead with bitcoin which will contribute to the country and its people.

Many have viewed El Salvador President move on Bitcoin as a high-risk step but the president has not relented in his efforts as the El Salvador government bought more than 410 bitcoin at the rate of $36k which amounts to 15 million dollars the first time the country is buying Bitcoin during the dip and at a low price. This goes further to point to one fact that El Salvador has a long-term goal for its Bitcoin journey.

Am sure the president already aware of btc market fluctuation when he decide on that decision, if the president of el-Salvador envisage this current dip perhaps he would have waited by now before buying, this is one part of btc that kind of make adoption slow when it comes to using it as payment option, the reality is, people are still more concerned about the usdt value of btc, otherwise bear market won't matter much.

The development of crypto in this country is unstoppable, the government alone invested in bitcoin so they will do every promotion to increase the adoption, and they will show as a model that a country could adopt with bitcoin and it will help to grow their economy. I'm expecting that more good news will come related to El Salvador.

looks like what you say is true if you look at the purchase price at the current price there has been a loss. but it is precisely the President of El Salvador Nayib Bukele that continues to make purchases proving that they believe that in time bitcoin will reach the much-desired price.

at this time they actually continue to save it to be a very attractive investment, because confidence in bitcoin is very high and they believe they will receive a profit in time, this is actually good news about bitcoin. they firmly believe that they have nothing to lose to continue to hold bitcoins.

if they are sold for the time being, they may lose, but if at this time they actually make a purchase, then they have not lost. of course they have also taken into account the risk with this high fluctuation, so this is actually an example for us not to be afraid to invest. on the other hand with the government's confidence, of course they have also made big profits before

Does el-salvador country buy bitcoin for resale like investors, i'm sure the president of el-salvador has thought of the ups and downs before they legalized bitcoin in their country so i'm pretty sure they don't panic when bitcoin price drops.

I am sure they are buying to finance the airdrop they have committed for every download. If only 50% of El Salvador citizen download the app they need to buy a couple of thousand bitcoins.
Long way to go.

What we don't know is if Bukele actually has a fraction of BTC in leveraged shorts and is winning right now, we don't know if his crypto advisors are professionals and are making a lot of money right now while we all speculate that he is losing, I am sure that with how intelligent that president has been, he has an action plan in the face of a possible bearish market and how to act against it to get the most out of it.

El Salvador is opening up a new history and there are sure to be more surprises in the future. I believe most fans would be proud of them now. Although there are several factors which until now continue to stop bitcoin in other countries but they are still pushing and improving bitcoin because of the determination and good outlook in it. as we know that Bitcoin can live among us without needing to attack each other. The reason is, the merging of the government with Bitcoin is actually the beginning of a pilot country to open the eyes of the world at large to the existence of Bitcoin.

So what we don't know is if Bukele's actually just gambling? Already several threads now going on on this forum questioning the wisdom of him using whatever cash he has (fiat, even, not Bitcoin when he could have liquidated some at the high) for investing in vanity projects when he's supposed to be fixing his economy.

All we know who's been seen with him publicly are influencers. When has he actually displayed intelligence on his own?

Some people here seem to think the only thing to do with bitcoin is trade, you cannot be more wrong.

A country needs reserves, doesn't need to be playing margin trading. There are no loses, only savings.

The current price is irrelevant, because the long term price is upwards, as it has always been. And reserves are that, not gambling money.

Purchasing bitcoin is never wrong, no matter what. Only selling is.

it can't be denied that the first bitcoin city was el salvador, because el salvador dared to take the first step to adopt bitcoin, and make bitcoin a legal payment, even though there was a lot of criticism from other countries but el salvador didn't care and nayeb bukele still made bitcoin a currency legal money, although now there are many accusations that the El Salvador economy is destroyed because of adopting bitcoin, but Nayeb bukele still makes bitcoin a legal currency.

They did not listen to the warnings of other countries about the potential risk that they might get on adopting bitcoin and now they are facing their consequences. Their country is now said to be on a huge debt because btc price plunges too much. Is this the end of El Salvador? Will El Salvdaor sell at a loss and permanently quit on adopting bitcoin? No, I do not think so, El Salvador have done some bitcoin projects before and they are planning to do more when things get settled.

I think this is what they say that bitcoin can destroy someone's economy, no wonder why no countries other than El Salvador made bitcoin as a legal tender because they are scared of what it can do to them.

There are indeed many rumors that say El Salvador has a huge debt due to the falling Bitcoin price, and there is a possibility that El Salvador
will stop adopting Bitcoin. But I think it's just a rumor spread by other countries that really don't like El Salvador's decision, which El Salvador
legalized Bitcoin as a legal tender. After all, Nayib Bukele as president of El Salvador must have had a backup plan in case the Bitcoin price fell,
no way Nayib Bukele with a background as one of the successful young entrepreneurs in El Salvador, make reckless decisions. I believe El Salvador
can prove to the world that they decision to adopt Bitcoin is right, and can make other countries that are afraid to adopt Bitcoin can change their minds.

This rumor is so not true, how can El Salvador be in debt because of Bitcoin market fluctuation when there are not trading bitcoin but buying for long-term purposes and you can only lose when you sell Bitcoin below the purchased price.
The last I hard was the president's readiness to buy more if the dip continues, El Salvador is not using only Bitcoin as its currency the primary currency remains the dollar and the GDP is still in the dollar and not Bitcoin.

Yes, a bold move for El Salvador, showing that they truly believe that one day bitcoin will become a more valuable asset than it is now. You are right even though many criticize but that does not stop El Salvador from legalizing it. I am sure that in the future many will follow in El Salvador's footsteps in adopting and legalizing bitcoin as a legal tender.

Wow, that is a brave step taken by a country, I hope they survive and can set a good example for other countries. I think what El Salvador did deserves to go down in history like Bitcoin Pizza Day.
Hopefully they can use Bitcoin as a means of prosperity for their people, because as we know, cryptos can change the world instantly.

certainly a very brave act from a country and needs to be appreciated that the actions taken are indeed for the benefit of its citizens who will be helped by the presence of bitcoin. Of course, what Elsaavador has done will be recorded and become something of progress that should also be an example for other countries. we hope that there will be more countries that will follow in the footsteps of elsavador so that bitcoin also grows stronger into something of its own trust.

You are right but I don't know how the country plan to get its citizens on Bitcoin transaction as to be able to recover all the revenue that has been put into the $30/airdrop, of the government-approved wallet can tax the citizens on every bitcoin transaction because the government has put in a lot of money into this project, even the Bitcoin city project also speaks volumes of how much the El Salvador government ready to invest in Bitcoin.

El Salvador Bitcoin adoption opens up a great path for global cryptocurrency adoption, the recent news is that Russian banks and other financial institutions now adopting Bitcoin and the entire cryptocurrency industry.
The IMF statement to El Salvador was just advice and the El Salvador government is wiser and has moved above that level. In the near future, El Salvador is going to make 1st position on the list of countries that have adopted bitcoin.

If that so it's good news not only for the place itself but also to the people who support the use of the bitcoin this is another chance to adopt the use of the payment method of the cryptocurrency, this is the year of the uprising of the digital assets if this trend becomes helpful to the community and the government itself there's a chance that the other city or country applied this kind of innovations too.

Well we hope some other countries too do the same with El Salvador.
It would be great in light of the fact that they were the principal country to utilize bitcoin. Numerous urban communities might consider thoroughly embracing digital currency on the off chance that their execution is great and demonstrated compelling. They should also construct a city where we can get all we want to be aware of digital currency. I also agree that they have done their work effectively, which is the reason they need to utilize bitcoins to spread their developments.

Once again the Treasury Minister confirm about the stand on bitcoin as legal tender. El Salvador have taken a strong decision and are sticking to it even after several warnings from IMF. Quoting the market volatility IMF requested El Salvador government to reject bitcoin forever and dismiss it's new found crypto agenda. The president responded with a simple meme "I see you, IMF. That's very nice".

Now Alejandro Zelaya(Treasury Minister) have mentioned bitcoin as a way for the country to be more independent. About the crypto adoption he adds, Countries are sovereign nations, and they take sovereign decisions about public policy. No international organisation is going to make us do anything, anything at all.

This a good news for BTC & Ours.We the BTC lovers & Investors are waiting for good news like this.

That's good that they are keeping us updated about the status of btc on El Salvador but it looks not really good for them to know that El Salvador have rejected their offer once again of stopping the use of bitcoin on their country but props to El Salvador for doing a brave decision. They shows that they can handle whatever problems that they might face later on because of their acceptance of bitcoin in their country.

With the meme that they posted, I think that means they did notice the IMF and their warnings and they thank them for their concerns but no, sorry their decisions are final and they will push it until the end. Bitcoin is an independent currency so yes it makes anyone that adopts it independent as well.

Those plans about the Bitcoin city were announced in November last year. Have there been any further developments since then? I have not heard anything new about this project for quite some time now, now that I think about it.

yes that is true..paying with Bitcoin is beeing reality!  ;)


https://cryptocurrency-21.com/article/paying-with-bitcoin-is-no-longer-just-an-idea-it-has-already-become-a-reality/

The Bitcoin city project have been kick off and at a developmental stage, there is several news on that direction in the public domain, you can read other related thread that seek to discuss more details on the progress of the first Bitcoin city and also check out the thread and have a read through you will fine credible information on the state of thing with the Bitcoin city project. You can also read through this article to get updated with the launch of the project and other information.
https://i.ibb.co/KrN19k1/Bitcoin-1.jpg (https://imgbb.com/)
https://indianexpress.com/article/explained/explained-el-salvador-bitcoin-city-7635303/

Good to know they are moving ahead.
This is an ambitious project, with multiyear development and many stars have to align to see it completed.
I guess it is could potentially bigger project ever for El Salvador, so good to hear this is moving in the right direction.

Nayib Bukele concept and plan to build the world's first Bitcoin city is very interesting. The steps taken by Nayib Bukele are very bold, with funds from the issuance of $1 billion Bitcoin Bonds he wants to realize a dream that has never crossed the heads of other countries leaders.
I began to imagine if Nayib Bukele ambition to build a Bitcoin City would actually come true. El Salvador will be the first country to get revenue from cryptocurrency, and make it easier for Bitcoin city residents to invest with the facilities provided.

Yes the Bitcoin city project is one of the biggest project for El Salvador and considering how small the country is, this project will have long term impact on the economy and the infrastructural development of El Salvador and the project will serve as the Bitcoin hubs or institutions that serve as the countrys crypto agency just like the central bank serve as central financial institutions.
Since the country generates electricity through the volcano there will be enough energy to power the BTC city and also computers used for the mining, aside from the many other activities that will be carried out in the Bitcoin city mining is going to generate a lot of Bitcoin for the countries Bitcoin reserve because with over 30 volcanos in El Salvador electricity supply in the Bitcoin city is going to be stable and that will put El Salvador top of the list of countries generating  Bitcoin hash rates.

At first I thought it could be a much bigger project for El Salvador. I hope this project continues and will continue. It's nice to know they're moving forward. Their development is going very nicely. It is an ambitious project, with many years of development and a lot of stars will have to work hard to see it complete. It is moving in the right direction and there will be something better ahead.

this is a very extraordinary project, in stark contra to many heads of countries who reject bitcoin...

the funds that will be issued are not small amounts, this will be a project to remember forever. if all heads of state had thoughts like Nayib then we would see tremendous adoption of bitcoin in a very short time. Bitcoin's appeal is huge.

The large supply of electrical energy allows every activity carried out in the City of Bitcoin to remain smooth, including the energy used for bitcoin mining in the dream city of Nayib Bukele. Nayib Bukele has chosen a location along Fonseca Bay near the volcano is very strategic, and allowing its citizens to enjoy all the facilities provided without any complaints, especially electricity problems.

Just hope that Nayib Bukele steps can be adopted by other countries. If Bitcoin City is able to improve El Salvador economy as whole, Nayib Bukele ambitious project will inspire other countries.

Yes the El Salvador Bitcoin city project is a long term project that is why the El Salvador president Nayib Bukele (https://www.google.com/search?client=ms-android-vivo-rvo3&sxsrf=APq-WBs0KX6eOqqiXIFk39EDO6Ban_q8RA:1646733185816&q=Nayib+Bukele&stick=H4sIAAAAAAAAAONgVuLWz9U3MDQ2yUrOrXrEaMYt8PLHPWEp3UlrTl5jVOfiCs7IL3fNK8ksqRSS5GKDsvileLmQ9fEsYuXxS6zMTFJwKs1OzUkFADwdkCdXAAAA&sa=X&ved=2ahUKEwiN9dGUn7b2AhWRQUEAHTAHAhcQzIcDKAB6BAgTEAE&biw=393&bih=750&dpr=2.75/amp) referred to it as a capital project so there is provision for the Bitcoin city development in the country yearly budget until the project attain 100% completion, which time and date is not stated during the Bitcoi city project opening speech but may be the road map will be in thee white paper information will be in the project.

It’d be great for us if bitcoin was to be accepted as a means of payment on Ebay soon but these CEO’s say this kind of stuff all the time. Less talk & more action is what I say. This guy should only speak when he really has something to say. Coulda, woulda, shoulda, act first & speak after.

This can disturb US movement because as We know each other that the biggest regulator of economic in the world is US. When this project become success and They earn big profit, there will be many countries follow them slowly. Fiat will be left behind, and the Bitcoin price will be wild in the market. Because every Whales buy the huge amount, but this is just low opinion which is based not by data.

The situation with Bitcoin prices is pretty much unpredictable with such fluctuations that have been going on in the market.
but There is no doubt that cryptocurrency has been fast emerging as one of the smartest investments that one can make.

Yes, Bitcoin volatility is what makes its investment interesting and risky at the same time but once one can take the risk just like El Salvador have done first El Salvador legalized Bitcoin and thereafter building a gigantic project such as the Bitcoin city, this is a good long term investment project, once the activities in the Bitcoin city fully kicks up it will generate high income to the government and also provide a lot of jobs opportunities for El Salvador citizens.

There is big risk with bitcoin out of the volatility. However El Salvador have prepared to face any sort of risks. The Bitcoin City is an attractive project that many countries planned, but weren't able to implement it for different reasons. The major reason being the governance, lack of control and fear of market volatility. This project is aimed at attracting foreign investment into El Salvador, and this is going to be a big success and the same makes El Salvador to be the fintech centre for the world.

El Salvador is the only first who had made out BItcoin as a legal tender and on the time that the market plummets then lots had been saying that they should take back those decisions because it is really

risky but instead of freaking out, they had instead bought on the dip and with this price volatility then they are fully aware of that.When it comes to benefit then we havent seen it fully yet but its true that
once it would really be totally done and the market had rise up on bigger value then we would really able to se its true benefits and advantages into those times.