You are here: Home / News / El Salvador Is Attracting Crypto Millionaires to Invest in the Bitcoin City; Details
April 23, 2022 by Vignesh Karunanidhi
Crypto billionaires have been lining up to visit El Salvador, which is now the only country that has made Bitcoin (BTC) legal tender.
While El Salvador permits its inhabitants to use Bitcoin to make everyday purchases, this is not the major draw for visitors visiting the Central American country.
Crypto tourists are interested in weighing the pros and cons of investing in Bitcoin City. In November 2021, President Nayib Bukele revealed intentions to create the city.
He indicated at the time that the nation would issue BTC bonds to help fund the creation of the city, which would be built at the foot of the Conchagua stratovolcano.
His ambitions for the city include mining BTC with geothermal energy harvested from the stratovolcanic mountain.
El Salvador’s bitcoin city
The city’s currency will be BTC, and citizens would only have to pay taxes on products and services. According to the government’s depiction, the city will be a circular urban area with a B-shaped central plaza.
With such lofty goals and promises, it’s no surprise that crypto enthusiasts are flocking to El Salvador. Bitcoin City, if established, would be the ideal paradise for crypto adopters who are passionate about developing crypto-friendly jurisdictions with flexible laws, no government control, and low taxation.
The land surrounding Conchagua is fetching high prices from investors. Brock Pierce, the chairman of the Bitcoin Foundation, is one of the crypto enthusiasts interested in helping to create the city.
According to reports, officials from the Bitcoin Foundation have already met with senior Salvadoran authorities.
While the Bitcoin Foundation works with the Salvadoran government, affluent investors from Europe and El Salvador have begun making offers to residents in the Conchagua area.
For example, Luis Diaz, the owner of the El Espritu de la Montaa (The Mountain Spirit) resort, claims he has received bids three to five times higher than the price he paid for the property the resort sits on.
However, he is determined that he will not sell the property since El Espritu de la Montaa is a lifelong goal for him.
