*What Happened to El Salvador’s $17BN Bitcoin City*
El Salvador’s ambitious plan for a $17 billion Bitcoin City, spearheaded by President Nayib Bukele, captured global attention when it was announced in 2021. The city was intended to be a futuristic metropolis powered by geothermal energy from nearby volcanoes and financed entirely by Bitcoin bonds. Bukele’s vision aimed to transform El Salvador into a crypto hub, drawing investment and innovation while offering a tax haven for crypto enthusiasts.
However, as of 2024, the project has seen little progress. Plagued by the volatility of Bitcoin prices and skepticism from international financial institutions, the country’s Bitcoin experiment has faced numerous challenges. While the cryptocurrency experienced massive growth at times, it also crashed, significantly affecting the value of the Bitcoin bonds intended to fund the project. Furthermore, construction on the city has been slow, with little visible development beyond the initial concept.
Despite the setbacks, Bukele remains committed to his Bitcoin revolution, although critics argue that the project's delays and financial risks have raised concerns about its long-term viability. With the global cryptocurrency market still fluctuating and doubts growing about whether Bitcoin City will ever fully materialize, El Salvador’s bold experiment continues to hang in the balance.
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18 сен 2024
