Bukele's Bitcoin City view. {Gallery}

[Lucius]

Oh, and BTW, Salvador's GDP is 24 billion, building a city that costs your annual GDP and 4 times your entire annual government budget is madness.

I agree that this is a vision that from the current perspective does not look like a project that could be realized maybe even in the next 20 or more years, provided that El Salvador finds investors who would invest in something like that. That's a lot of money, but on the other hand, if we take into account that the US recently approved as much as $40 billion in aid to Ukraine, or that the EU pays Russia about $30 billion a month for oil&gas, then it could be funded by a rich country or perhaps a wealthy individual like Mr. Mars.

Even if there is money and construction can start tomorrow, the question is how long it would take to build such a mega project, not only in terms of time, but disrupted supply chains and lack of materials needed for construction should also be taken into account.

[stompix]

That's a lot of money, but on the other hand, if we take into account that the US recently approved as much as $40 billion in aid to Ukraine, or that the EU pays Russia about $30 billion a month for oil&gas, then it could be funded by a rich country or perhaps a wealthy individual like Mr. Mars.

The US and the EU area are trillion euros economies, imagine if the EU would plan to build a new capital and the price tag would be 15 trillion, do you see anyone agreeing to how marvelous such a plan is?
And it gets worse with every step down because once you force more on % the income it depends on how much of that income you have to spare, Germany could throw billions at something (the Berlin airports for example) but here we're talking about a country that spends percentage-wise half of the budget others do on education.

As for rich people that would choose to finance it, why would they?
What money can you get back from a city with no taxes, no vat, and no income tax, but full of running costs?

And he's not been antious because he understands what the implications of running dip and bull could mean in terms of disorganization of ones focus is loosed beyond control, then is the weak point to taking a wrong step, also he feels relaxed because he had already made a buy when bitcoin crashlanded at about $30k buying about 500 worth of the coins.

Let's fix this a bit.
He ordered some guy to buy 500 BTC with government funds, not from his own pocket.
It's easy to buy every dip and don't care about the value of your investment when it is not your money!
Just as he will not spend a dime on this city, it will all come from other people's pockets.

[Abiky]

They definitely have lofty goals and high expectations.  It scares me a little bit since expectation is the seed of disappointment, but I have faith they're going to build something great, so long as the Bitcoin market keeps afloat long enough for them to achieve it.

I think the city looks great and it's awesome to know that lots of high paid government employees are putting a ton of work into creating this city.  I wish them the best of luck and I know they'll need it.  This has to be the biggest and most ambitious project in Bitcoin's short history.  Sort of makes the old days of wanting to buy an oil platform seem a bit ridiculous in hindsight, but I don't think anyone expected nation state adoption so quickly.

The Bitcoin City is a great idea, but if the bear market persists, I don't think people will be interested in spending Bitcoin there at all. The downward sentiment in price will scare away investors than all the other way around. We'll have to see how successful the Bitcoin City will be once prices bounce back to their original levels. If Bukele plays his cards right, he might be able to turn the country from a developing one to a developed one. A first great start is to build the necessary infrastructure to spur the adoption of Bitcoin within the region.

The pioneer cryptocurrency is now legal tender in El Salvador, but more needs to be done to make people use it in mass. With high demand for BTC in the country, you can bet Fiat's (USD) dominance will decline for good. It's only been one year since BTC was made legal tender in El Salvador, so this is only the beginning. Just my opinion

[Lucius]

The US and the EU area are trillion euros economies, imagine if the EU would plan to build a new capital and the price tag would be 15 trillion, do you see anyone agreeing to how marvelous such a plan is?

I didn’t literally think it could be the EU or the US, maybe some rich country with some fanatical ruler who wants to go down in history with some colossal project - which of course would bear his name.

As for rich people that would choose to finance it, why would they?
What money can you get back from a city with no taxes, no vat, and no income tax, but full of running costs?

Maybe for the reason I gave above, or just maybe because they have money and want to spend it in some unusual way. Why does Musk so desperately want to send people to Mars if we know it will cost so much, that it is technically demanding, and in the end is there any profit in it? Estimates say that such a mission would cost several hundred billion dollars, which means that Bitcoin City is a fairly cheap project compared to that.

[TheBeardedBaby]

The US and the EU area are trillion euros economies, imagine if the EU would plan to build a new capital and the price tag would be 15 trillion, do you see anyone agreeing to how marvelous such a plan is?

I didn’t literally think it could be the EU or the US, maybe some rich country with some fanatical ruler who wants to go down in history with some colossal project - which of course would bear his name.

As for rich people that would choose to finance it, why would they?
What money can you get back from a city with no taxes, no vat, and no income tax, but full of running costs?

Maybe for the reason I gave above, or just maybe because they have money and want to spend it in some unusual way. Why does Musk so desperately want to send people to Mars if we know it will cost so much, that it is technically demanding, and in the end is there any profit in it? Estimates say that such a mission would cost several hundred billion dollars, which means that Bitcoin City is a fairly cheap project compared to that.

This whole project sounds like something The Emirates would do. As stompix described it, no vat and no taxes for me sounds quite like Dubai. Dubai in general has no oil, so the main income is from tourists, but don't forget that the wold biggest gold market is there. They have some crazy attractions so people all around the world would like to go and see.
The bitcoin city should probably follow the same strategy. To have something that many will want to go there and see it (experience it). But what would it be?

[jostorres]

Marketcap of bitcoin would build 100 of these easily and have leftover. I do not know what you think building places costs, but it doesn't really cost that much. For example, the highest paid one will probably be the airport and that could be done under 20 billion dollars, if you want to make it a bit smaller, and not luxury place you could get it done for like 5-10 at maximum and that it is the most expensive one.

Well, unfortunately, the whole bitcoin doesn’t belong to them.But even if it did belong to them, and they had the whole amount that is Bitcoin’s market cap, how sure are you that the amount is going to be enough for them to be able to build this city? You know this is a whole damn city? Or you think these are just few buildings?

Just look at that map of the city and probably thousands of buildings and designs and all that, do you think it would be an easy project to accomplish, since this is a whole city that we are talking about here?