Bitcoin City Rising in El Salvador

[DapanasFruit]

As what I have been expecting, the leadership of El Salvador is going to fully exploit all avenues they can have with Bitcoin. Under the current President Nayib Bukele, Bitcoin became the legal tender of the country, the first one to do so. And now they are planning to establish a Bitcoin City where crypto-related businesses will be encouraged to do business and base their operations, presumably for the global market. I am sure this is just the beginning on how the country can be helped by Bitcoin and cryptocurrency...and it would be exciting to watch how this can positively pushing up its economy.

I consider El Salvador to be the great Bitcoin experiment and its success or failure can be affecting how other countries big and small will be viewing Bitcoin and whether they too should be following the lead of this country.

[SiNeReiNZzz]

As what I have been expecting, the leadership of El Salvador is going to fully exploit all avenues they can have with Bitcoin. Under the current President Nayib Bukele, Bitcoin became the legal tender of the country, the first one to do so. And now they are planning to establish a Bitcoin City where crypto-related businesses will be encouraged to do business and base their operations, presumably for the global market. I am sure this is just the beginning on how the country can be helped by Bitcoin and cryptocurrency...and it would be exciting to watch how this can positively pushing up its economy.

I consider El Salvador to be the great Bitcoin experiment and its success or failure can be affecting how other countries big and small will be viewing Bitcoin and whether they too should be following the lead of this country.

There is already a thread about this... 

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

[Fundamentals Of]

All eyes on Salvador right now. Things have escalated rather quickly in the country under the leadership of Nayib Bukele. Just a few years ago it was only just a small community who adopted Bitcoin and then it quickly went national with the declaration of Bitcoin as a legal tender. From then on, there were many things that happened. There was the Bitcoin mining development using volcanic energy, the purchasing of Bitcoin, and now the development of a Bitcoin City.

The success or failure of this big experiment will affect the decision of other countries.

[Yaunfitda]

All eyes on Salvador right now. Things have escalated rather quickly in the country under the leadership of Nayib Bukele. Just a few years ago it was only just a small community who adopted Bitcoin and then it quickly went national with the declaration of Bitcoin as a legal tender. From then on, there were many things that happened. There was the Bitcoin mining development using volcanic energy, the purchasing of Bitcoin, and now the development of a Bitcoin City.

The success or failure of this big experiment will affect the decision of other countries.

Yeah, but it might take some time though before we can see the success or failure thereof.

El Salvador enter the bitcoin cryptosphere where we are in the current bull run. So it will be interesting on how the country will react if let's say we enter on a bearish trend for the next 3 years.

50%-60% the price is going down, how will they react, will they buy more? Is the critique of the government of Bukele coming out and condemn his decision about going full retard on BTC? We will see.

[Botnake]

All eyes on Salvador right now. Things have escalated rather quickly in the country under the leadership of Nayib Bukele. Just a few years ago it was only just a small community who adopted Bitcoin and then it quickly went national with the declaration of Bitcoin as a legal tender. From then on, there were many things that happened. There was the Bitcoin mining development using volcanic energy, the purchasing of Bitcoin, and now the development of a Bitcoin City.

The success or failure of this big experiment will affect the decision of other countries.

This is a must see for all other countries as this will determine how bitcoin can create an impact into a small country that is now starting to be in progress and definitely, creates its own bitcoin city that will give excitements for all those bitcoin enthusiasts, and even for those who loves to criticized bitcoin negatively.

For El Salvador, this must be a big development for their country to come up bitcoin city. But for those who still sees bitcoin in a negative way, this must be a threat because the success or failure of this project will leave an impact to bitcoin, and serve as a mirror for those other countries who are starting to adopt bitcoin too.

[Masplanc]

That is the benefit and advantage  of bitcoin, with this other countries will adopt to it. I believe one  day this selfishness of the government will  be no more they will have no choice but to embrace  bitcoin totally. All the government do about bitcoin soon they will give up on it.

[DarkDays]

All eyes on Salvador right now. Things have escalated rather quickly in the country under the leadership of Nayib Bukele. Just a few years ago it was only just a small community who adopted Bitcoin and then it quickly went national with the declaration of Bitcoin as a legal tender. From then on, there were many things that happened. There was the Bitcoin mining development using volcanic energy, the purchasing of Bitcoin, and now the development of a Bitcoin City.

The success or failure of this big experiment will affect the decision of other countries.

Yes, I agree with you. El Salvador is really pushing for Bitcoin and I find that as a good thing. The country is embracing the opportunities of crypto and manly that of Bitcoin like not any other country, and whether this is the beginning of a new record for them in turning the city into a Bitcoin City for is something to see, but what I'd fine even more pressing is seeing how all other countries react to these developments.

[herurist]

too many threads about elsavador because when I see there are already at least 3 to 4 threads about this from yesterday.
I know everyone is very enthusiastic about the initiative that elsavador is using because they are confidently adopting and making a new breakthrough that is supportive of bitcoin.
but i just want to suggest at least don't create too many threads about this and it would be better to discuss this in one thread that already exists and not add threads with the same discussion just to add to the activity you are doing.

[krishnaverma]

It is a good thing that they adopted bitcoin and it will surely help on their growth as the bitcoin market also grows.

But it would have been more better if they did in like 2014 or 2015. Now bitcoin has grown quite a lot and also there are so many other coins that dominance of bitcoin has reduced. I hope this new step still helps in development on the place and crypto both at the same time.

[DanWalker]

It is a good thing that they adopted bitcoin and it will surely help on their growth as the bitcoin market also grows.

But it would have been more better if they did in like 2014 or 2015. Now bitcoin has grown quite a lot and also there are so many other coins that dominance of bitcoin has reduced. I hope this new step still helps in development on the place and crypto both at the same time.

In addition to Bitcoin adoption, the government should provide adequate information to the people of their country about the blockchain system. The government may introduce blockchain-related courses at the school-college level. People will not want to accept Bitcoin if they do not understand the proper use of Bitcoin. Since most people are accustomed to using paper money, it will take time for the government to adopt Bitcoin.