Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Guatemalan presidential candidate Nayib Bukele revealed his plans to build a new city that will be powered by cryptocurrency. While lots of countries have adopted bitcoin-based payments, only one has ever attempted to go the next step and use digital currency as its primary source of income: Venezuela in 2017. It’s unclear how well this went over with residents or what effect it had on hyperinflation rates – but if Guatemala wants crypto-powered development, they may need to do some more research into their neighbors’ recent experiments first.

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The “bitcoin price” is a cryptocurrency that has been on the rise recently. The CoinCentral article talks about how Nayib Bukele revealed his first layout of Bitcoin City, which is an upcoming city in Africa.

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

El Salvador’s president, Nayib Bukele, recently announced a blueprint for Bitcoin City, only days after the country purchased the cryptocurrency.

Bukele Unveils BTC City’s Architecture

Bukele posted photos of the city’s urbanistic layout on his Twitter account with the remark “BTC City coming along brilliantly.” The project, which was launched in November, has four detailed monuments that are claimed to be constructed in La Unión, a small Salvadorean community.

BTC City, according to the government, will have no income, capital gains, payroll, or municipal taxes, as well as zero CO2 emissions.

The development of #Bitcoin City is going swimmingly. pic.twitter.com/A6ay8aAREW

May 9, 2022 — Nayib Bukele (@nayibbukele)

BTC City will include many public squares, public highways, a harbor, and different centerpieces, one of which resembles a massive Bitcoin, as seen in the photographs. Of fact, the city isn’t golden; it’s merely the color scheme selected by famous Mexican architect Fernando Romero. Bukele also said that BTC City would be home to an international airport.

As a result, BTC Metropolis will have various green and blue places, reflecting Bukele’s desire to create a city with plenty of water and trees. 

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Twitter account of Nayib Bukele.

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Bukele also uploaded a photo of what seems to be a viewpoint above the volcano that is powering BTC mining. It has a ring suspended above the boardwalk that acts as a balcony for the public.

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Twitter account of Nayib Bukele

The Salvadoran Bitcoin Bonds, a financial instrument that will aid in the construction of BTC City, were introduced by the government last week. 

The bonds were supposed to be issued earlier this year, according to the administration. However, Treasury Minister Alejandro Zelaya indicated that the launch will be delayed owing to the “present status of global markets,” particularly in light of Russia’s invasion of Ukraine. 

Finally, the president showed a rendering of how the city might seem at night: 

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Twitter account of Nayib Bukele

El Salvador buys the dip as Bitcoin falls 50% from its all-time high.

Bitcoin is now trading at $31,569 at the time of writing. BTC has lost more than 10% in the previous seven days and is down 50% from its all-time high from last year. Most high-profile currencies have plummeted this week, with Ethereum (ETH), the second-largest currency by market cap, shedding 50% of its value and presently trading at $2,324, according to Coinmarketcap statistics.

Bukele, on the other hand, believes that the present market circumstances are favorable for purchasing. On May 9, the president revealed that the nation had purchased 500 bitcoins for an average price of $30,744 per, or $15.5 million at the time. This is by far the highest quantity of Bitcoin ever acquired by a Latin American government.

El Salvador has recently purchased the dip!

#Bitcoin 500 coins at an average USD price of $30,744

May 9, 2022 — Nayib Bukele (@nayibbukele)

In the previous five weeks, the crypto market has bled blood. This is the greatest sell-off since March 2020, with most crypto experts pointing to a drop in the US stock market as the catalyst.

The US Federal Reserve said on May 9 that it would raise interest rates by 50 basis points (bps), the largest rate increase in 22 years. The market suffered another knock when Terra, the DeFi (decentralized finance) system underpinning the Luna token, sold $750 million in BTC, provoking large sell-offs throughout the market.

The Luna Foundation Guard (LFG) of Terra attempted to conceal the sale as a loan to OTC (over-the-counter) trading businesses by claiming that the equivalent number of BTC would be purchased as soon as the market began to recover. 

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

Nayib Bukele Reveals First Layout of Bitcoin City – CoinCentral

The “is cryptocurrency legal” is a question that many people ask. The answer is yes, but it’s not without its risks.

  • el salvador
  • who owns the most bitcoin
  • what is one bitcoin worth
  • why is cryptocurrency valuable

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