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Bitcoin City: El Salvador's play with the volcano



Bitcoin has found a home in Latin America. After the introduction of the cryptocurrency as legal tender in the microstate El Salvador, other states are cautiously showing interest. With the planned Bitcoin City, El Salvador wants to stay a step faster in order to expand mining.

It is worthwhile to take a look these days to see where El Salvador is actually located. In contrast to cold Germany, sun and heat are the order of the day. The coastal state on the edge of the Pacific Ring of Fire attracts beaches, mountain walks, and monetary freedom. The hotel on Bitcoin Beach is paid in Bitcoin - by arrangement.

However, that should not hide the fact that the situation in all of Latin America is extremely tense due to the Covid-19 crisis. Like more than 100 countries around the globe, El Salvador now urgently wants cash from the International Monetary Fund IMF, the lender of last resort in Washington. It is about loans in the billions that are guaranteed in the five key currencies of the IMF - US dollars, pounds sterling, euros, yen and yuan. The digital money printing machine is running at full speed.

Does Latin America have an alternative other than to go to Canossa? Barely. This also applies to El Salvador, which is about the size of Hesse and sits on 23 volcanoes. It has no natural resources. In theory, only geothermal energy would be as cheap as it would otherwise only be in Iceland. The country's Bitcoin-friendly attitude now offers investors who have made a lot of money with cryptocurrencies. Your Bitcoin would be an excellent addition to IMF aid - nothing more, nothing less.

One billion dollars for Bitcoin City

In particular, Samson Mow from Blockstream wants to invest in El Salvador in order to secure digital assets with real assets and political influence in the long term. It's a dance on the volcano. Together with President Nayib Bukele, Mow wants to get the country one billion US dollars in Bitcoin. For this purpose, a Pfandbrief will be issued, which the Mow empire will sell through the new Bitfinex branch in the capital San Salvador.

The presidential election and the halving

Bukele's re-election is due in 2024. As a Bitcoin maximalist, he knows that the Bitcoin halving is due around this date: It will be twice as difficult to operate Bitcoin mining profitably. Only cheap green energy will bring you a competitive advantage.

Bitcoin City will cost 300,000 Bitcoin, according to Bukele, and create a digital gold rush. The city map is similar to that of the “Burning Man” festival, which is popular in the tech scene: a sun with a wreath of rays. Driven by volcanic energy, which makes turbines rotate with steam, it is to be built in the east of the small country. All taxes, with the exception of value-added tax of ten percent, have been canceled. There is no need for a CO2 tax. This is how Bitcoin mining really pays off! There's a free view of Fonseca Bay.

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