Earlier this year, the country of El Salvador became the first country in the world to accept bitcoin as legal tender. The government also released their own digital wallet app and gave away $33 in bitcoin to all of its citizens. Now it seems that the government is taking their love of bitcoin to the next level.
In an announcement by the country’s President Nayib Bukele, it seems that the government of El Salvador will be building a “bitcoin city” in the south-eastern region of La Unión at the base of the Conchagua volcano. Apparently they want to take advantage of the volcano’s geothermal energy to help power the mining of bitcoin.
The city will also be designed to represent the shape of a large coin and according to President Nayib Bukele, “Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail – everything devoted to Bitcoin.” It’s a pretty wild idea although it is unclear when it is expected to be completed.
While it is interesting that El Salvador is embracing the future of digital currency like bitcoin, many have criticized the decision. This is mainly due to the volatility of bitcoin which can dramatically fluctuate in price, which some have feared would result in instability and inflation.