Nayb Bukele did not specify when the construction of Bitcoin City would be completed. But the layout he has shown suggests that the city will have a lot of trees along with the blue sea. The airport is also shown in the layout. The layout also shows the volcano near which Bitcoin City is intended to be located. It is worth noting that Nayib Bukele had revealed his plan last year. He had told that the energy of the volcano would be used for bitcoin mining.
To start this project, President Bukele is planning to sell ‘Bitcoin Bonds’ worth $1 billion (about Rs 7,725 crore). Half of this amount will be invested in the infrastructure projects of the city. If the price of bitcoin rises in this 10-year bond, then half of its profit will be given to those investing in the bond.
However, there are many critics of this scheme as well. He says that those who want to invest in bitcoin can earn 100% profit by doing so. What is the point of investing on Bukele’s proposed bond, which is yielding only half the profit. However, President Bukele has faith in this scheme.
The bonds were initially supposed to be introduced in March, but the government shelved the plan, citing economic uncertainty caused by Russia’s attack on Ukraine. The Finance Minister of El Salvador has said that now these bonds will be offered in September.
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