El Salvador’s President, Nayib Bukele, has released the first glimpse of a model of City, which the country intends to build as the first ever dedicated cryptocurrency hub in the world. In the center of the model was a huge Bitcoin logo.

A Tax-Free City powered by an Amazing Volcano

Geothermal energy will power the utopian city from Conchagua volcano. This model has a balcony footpath with a unique halo that crowns it.

With a beautiful lookout in the volcano pic.twitter.com/mlkQ19k5AH

— Nayib Bukele (@nayibbukele) May 10, 2022

Bitcoin City will be exempt from all taxes on property, capital gains, payroll and municipal taxes as well as CO2 emissions.

The plans for Bitcoin City show that the city will be constructed in La Union (a tiny town of just 34,000 people). As this is a port city, El Salvador’s president Nayib Bukele explained that the gold color of the city’s model was simply a stylistic decision by the architect, and that the actual Bitcoin city will be full blues and greens, complementing the majestic sea and colossal number of trees it rests alongside.

#Bitcoin City is coming along beautifully pic.twitter.com/A6ay8aAREW

— Nayib Bukele (@nayibbukele) May 9, 2022

Take a chance on the Bitcoin Biscuit

President Bukele announced another investment into Bitcoin just yesterday, in which the country bought over $15 million’s worth of the leading crypto. Bukele celebrated the purchase as “buying the dip”. Some experts believe this is a dangerous move. This was especially true considering that El Salvador became the first country worldwide to use Bitcoin as its legal tender.

#BREAKING IMF urges El Salvador to remove Bitcoin as legal tender pic.twitter.com/QGnN5aoHMt

— AFP News Agency (@AFP) January 25, 2022

Experts fear that large national investments are too risky because of crypto’s volatile nature and poverty-stricken country. Fitch and Moody’s rating agencies have reduced El Salvador’s credit tier to “highest-risk”, while labelling El Salvador’s Bitcoin bonds as “worthless”. Numerous experts predict El Salvador’s inability to pay the $800million loan due January.

Bitcoin drop 20% in one week

Bitcoin (BTC), has seen a drop of nearly 19% during the week and trades at $30,610 today, according to this writing. Bitcoin (BTC) plunged to $30,016 on May 10th. It has now recovered $600, which is loss of 3.60% over the past 24 hours. Bitcoin (BTC), which is now at 55.8%, has fallen from the ATH it reached half a decade ago, in November.

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