El Salvador, which apparently is the only country where bitcoin is a legal tender, is going to build an entire city based on the largest cryptocurrency – bitcoin.
According to TIME, the country’s leader, President Nayib Bukele announced yesterday (Nov 21), that his government will build an oceanside “Bitcoin City” at the base of a volcano, located along the Gulf of Fonseca.
The plan is to build a power plant by the volcano to provide energy for both the city and bitcoin mining.
In a rock concert-like atmosphere full of bitcoin enthusiasts, Bukele said that it will be a full-fledged metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail service.
The city will be laid out in a circle (like a coin) and in the city centre will be a plaza that will be host to a huge bitcoin symbol.
It will have no income,…