First Bitcoin City

[Vaskiy]

I really hope the price of bitcoin can stabilize or rise 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.

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

[arditiyan]

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

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.

[Wiwo]

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

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.

[yohananaomi]

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.

[fillippone]

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.

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
( English translation available)

Definetly worth a watch!

[panukurap]

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.

[kotajikikox]

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.

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.

[fillippone]

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.

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.

[ChiBitCTy]

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.

[fillippone]

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.

[Molinology]

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.

[virasog]

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

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.

[Artemis3]

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.

[fillippone]

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.

[Fortify]

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

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.

[lepbagong]

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

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.

El Salvador has shown great interest in bitcoin and despite the fact that the bond came in form of US dollars it doesn't matter I preferred the funds to be in the country's centralized currency rather than being in Bitcoin as El Salvador Bitcoin holding is aimed at the future.

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.

[Wiwo]

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

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.

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.

[Anonylz]

El salvador is country of central america. And it is in big loss. They have bought BTC on 50k$ but today BTC price is 35k$+ so there in big loss.

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.

[CDC AP]

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.

[lepbagong]

El salvador is country of central america. And it is in big loss. They have bought BTC on 50k$ but today BTC price is 35k$+ so there in big loss.

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.