El Salvador president reveals designs for volcanic ‘Bitcoin City’

The pictures show a glowing concentric city, clearly inspired by – you guessed it – the ubiquitous form of a Bitcoin, with all major pathways leading to a B symbol in the central plaza. Weirdly cult like, right?

The entire cityscape, which we can gladly confirm will not be gold like the mock-ups, will be visible from a circular halo-like walkway positioned at the top of the volcano. Anyone else thinking of Westworld?

Unsurprisingly, the bond that will reportedly pay for the entire project would come in the form of Bitcoin, while the city’s vast power needs would be provided by the volcano’s endless supply of geothermal energy.

Placed in the Gulf of the Fonseca in the south-east, Bitcoin City is being peddled as an opportunity for economic growth and foreign investment.

There would be no property opportunities, income, or municipal taxes to speak of, but rather a business focused conurbation akin to that of Silicon Valley. Crucially, it plans to be a completely net zero ‘crypto utopia’ which would help to reverse the industry’s reputation as a big polluter.

No details on a planned timescale have been released yet, but judging by Bukele’s Twitter, Bitcoin City is something he is incredibly invested in making happen.

It’s somewhat ironic that Bukele has chosen the week that Bitcoin fell by roughly half its value to promote his magnum opus. His criticism is at its strongest now, but as the past has shown, he will likely press ahead regardless.