The president of El Salvadoran has announced plans to build the world's first fully cryptocurrencies backed city.
The announcement was made over the weekend as part of a cringe-inducing live show featuring bright concert-style lighting, and even tacky fake aliens.
He says that the city will be funded by $1 billion worth of tokenized bonds and will be income, property, and capital gains tax free. Half of the money will be used to build the city and the other half will be used to buy Bitcoins on the market.
A value added tax will cost 300,000 in Bitcoins and $17 billion to take care of city services and infrastructure.
It is built on the idea that the country will be able to repay its debts if the value of the currency continues to rise.
During the event, which took place at a beach resort, Bukele said to invest here and make all the money you want. This is a fully ecological city that works.
The country has opened a facility that uses all of the energy from a nearby volcano for mining.
This year, El Salvadoran became the first country in the world to accept the digital currency, called Bitcoin.
It is the logical conclusion that a tax on cryptocurrencies is created.
In his speech, he compared the city to Alexandria, a city founded by Alexander the Great.
He said that this will make El Salvador the financial center of the world.
The first countries that do this will have an advantage. This is the beginning of a nation state.
It is not clear whether his huge bet on the criptocurrency will work out, instead of folding like a house of cards during the next bust cycle.
The first 'Bitcoin City' is planned by El Salvador.
In response to the dip, El Salvadoran bought a bunch of more Bitcoins.
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