Bitcoin News – My House SV https://myhousesv.com My House SV Mon, 28 Nov 2022 00:50:07 +0000 es hourly 1 https://myhousesv.com/wp-content/uploads/2022/11/cropped-favicon-32x32.png Bitcoin News – My House SV https://myhousesv.com 32 32 Bitcoin City https://myhousesv.com/bitcoin-city/ Mon, 28 Nov 2022 00:43:44 +0000 https://myhousesv.com/?p=652

Ever since Salvadoran president Nayib Bukele announce the adoption of Bitcoin as a legal tender back in September, there has been speculation as to what its next move will be, and in November of last year, we got our answer, in the form of Bitcoin City, A huge infrastructure project that hopes to drive foreign investment and one that hopes to position El Salvador as a major digital economy hub for the world.

This project was announced on November 20  of last year during the last day of LABITCONF, President Nayib Bukele gave the closing speech at Surf City, the presentation looked like if you combined a rock concert with an apple product presentation, and the hype was definitely there, the presentation itself was, shall we say “out of this world” as soon as the presentation began there was a cartoon video of the president coming down from a spaceship and into the stage, along with fireworks, music and lots of smoke, it was at the end of this speech that he reveled, his plans to construct “Bitcoin City” which is a tax-free city for Bitcoin investors, that will also run on clean renewable sources, for sure its most ambitious project yet.

 there are many interesting aspects to this project one of the biggest one being that this city will get its energy from a renewable energy source, that source being geothermal energy, from the nearby Conchaua volcano. “This is a completely ecological city, it works and will get its energy from a volcano”- President Nayib Bukele.

For the longest time, one of the biggest criticism of Bitcoin is that is bad for the environment, because it consumes a lot of energy, usually from non-renewables, President Bukele hopes to change that, by providing clean and renewable energy sources from geothermal energy, and El Salvador has lots of that since in this tiny nation of about 21 thousand kilometers there are around 170 volcanos, geothermal energy has been explored in the past but it has never been properly exploited, and with renewed interest in renewable energy in El Salvador as means to drive investment, there is sure to be a lot more development in clean renewable energy solutions.

President Nayib Bukele revealed some of the key details of this mega infrastructure project, such as having residential areas, with all the services, commercial areas, and even an airport, but that’s not all, this entire city will be free from income tax, capital gains tax and property tax, making El Salvador a paradise for cryptocurrency investors, so the big question is how will this city be financed? This question raises another interesting aspect to this project, and one that has piqued the interest of many foreign investors, This city will seek to be financed from Bitcoin bonds, also called “Volcano Bonds” more specifically 1000 million dollars in Bitcoin bonds over a 10-year period and with a 6,5% interests, a long term investment that is sure to be a very rewarding one.

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