President of El Salvador Nayib Bukele released a model of Bitcoin City after announcing the bitcoin nation-state had bought the dip.
The first pictures released showcase a golden city with a Bitcoin centerpiece and a caption from Bukele stating “Bitcoin City is coming along beautifully.”
Bitcoin City is said to have 0% income, capital gains, property, payroll, and municipal taxes, as well as 0% CO2 emissions. The location is meant to be near La Union, a small Salvadoran city.
Bukele followed up with another set of pictures detailing four landmarks to be scattered through the city, one of which looks to be a gigantic bitcoin. Bukele then clarified that Bitcoin City would not be golden. The color choice was simply a design decision from the architect but the actual city will host far more green and blue between the vast amount of trees and expansive sea surrounding the city.
A picture with an overlook built atop the volcano used to power bitcoin mining for El Salvador was then posted with a ring hoisted above the steps that serves as a balcony for onlookers. Finally, Bukele offered the night’s eye view of the almost fantastical city showcasing a crescendo of illumination rolling down the heights of the volcano that stands above the city.
In January, 20 bills were sent to El Salvador’s congress providing “legal certainty” for the nation-states bitcoin bond issuance meant to fund the city. The bond was initially announced in November of last year with the intention of raising $1 billion, half of which would be used to purchase more bitcoin while the other half would fund the infrastructure of Bitcoin City.
The bitcoin bond will pay a 6.5% yield and enable fast-tracked citizenship for investors.