Crypto millionaires have lined up to visit The saviourthe only country using bitcoin (Bitcoin) previously legal tender. While El Salvador allows its citizens to use BTC for everyday purchases, it is not the main attraction behind the growing number of tourists visiting the Central American territory.
The crypto tourists are trying to weigh the potential of investing in Bitcoin City. President Nayib Bukele announced plans to build the city in November 2021. At the time, he said the country would issue BTC bonds to fund the development of the city, which will sit at the base of the Conchagua stratovolcano.
His plans for the city include tapping geothermal energy from the stratovolcanic mountain and using it to mine BTC. Specifically, BTC will be the city’s currency, and residents will only have to pay taxes for goods and services. The government shared an outline of the city, which will be a circular urban area with a B-shaped central square.
With such ambitious plans and promises, it’s no wonder crypto advocates are making their way to El Salvador. If built, Bitcoin City would qualify as the perfect utopia for crypto adopters who value creating crypto-friendly jurisdictions with flexible regulation, little government oversight, and minimal taxes.
Investors are bidding hefty sums of money for land around Conchagua
Among the crypto enthusiasts looking to get involved in the city’s development is Bitcoin Foundation chairman Brock Pierce. Bitcoin Foundation officials have reportedly met with prominent Salvadoran leaders.
While the Bitcoin Foundation is dealing with the Salvadoran government, wealthy investors from Europe and El Salvador have already started making offers to locals around Conchagua.
For example, Luis Diaz, the owner of a resort called El Espíritu de la Montaña (The Mountain Spirit), claims that he has received offers three to five times the amount he paid for the land that owns the resort proven. However, he remains adamant not to sell the property as El Espíritu de la Montaña is a lifetime project for him.
However, he and his neighbors are concerned that the government may force them to vacate their homes since the state passed a law giving the government the power to confiscate land for public use.
Although some Salvadorans believe Bukele’s BTC push could create more opportunities and help alleviate their problems, thousands of citizens are unhappy with his strong approach to the matter.
To show their dissatisfaction, Salvadorans often smack Bukele’s BTC announcements, leading to this criticism protests on several occasions.
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