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Nayib Bukele, the president of El Salvador, posted a picture of the architect’s model of Bitcoin City along with the caption: things are ‘coming along beautifully.’
Bitcoin City: Already A Reality Or A Futuristic Concept?
The pictures depict a golden disc-shaped model with a hexagonal center and key landmarks, like the airport, the artists’ depictions of various scenes such as the lookout at the top of Conchagua Volcano and a picture of the city at night.
Giving assurance to the people, President Bukele cleared the gold color was simply the architect’s choice for the model.
The complete product is going to be majorly composed of greens for trees and blue for the sea.
He also clarified that the city will not be made up of golden metal; it’s just the choice of color of the architect.
The actual city will be primarily blue(sea) and green (trees).
The impression of the artists at night depicts the incorporation of the city with the Conchagua Volcano.
It demonstrates the intersecting part of the city covering the face of the volcano. The city then levels off as it flows into the city.
Bitcoin City goes a little close to reality with the release of the mock-up. But the various uncertainties and ambitiousness, including the downturn of BTC in price, all count against the project ever being completed.
In late November 2021, the news of the Bitcoin city first came out, as President Bukele made the announcement of the plans during the closing ceremony of a crypto investors’ meetup.
In addition to its use-case as the main currency of the city, President Bukele also mentioned that there would be zero taxes on capital gains, income, property, and payroll.
However, a value-added tax of 13% will be there. Out of which 6.5% will go to Volcano Bonds, while the rest will be used for funding municipal services.
Volcano Bonds will be issued for funding the construction of the city to the tune of $1 billion. Investors will receive a 6.5% return compensated for by BTC miners run by the geothermal energy of Conchagua Volcano.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
