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What if We Have a Bitcoin City in El Salvador but No Bitcoin?

Bitcoin City

The president of El Salvador, Nayib Bukele, presented on Tuesday the first images of Bitcoin City

El Salvador President Nayib Bukele has revealed a model of his planned Bitcoin City. More of a cryptocurrency trading hub than an actual city, the Bitcoin City will be powered by volcanic geothermal energy and promises an array of tax exemptions to attract foreign investors. Bitcoin City will also have residential areas, malls, and even a port to make it feel like a residential zone. One of the few countries to have adopted Bitcoin as a legal tender, El Salvador aims to be a trendsetter when it comes to cryptocurrency adoption and usage. In the midst of a major sell-off on the cryptocurrency market this week, the country added 500 Bitcoin to its Bitcoin reserves.

On May 10, Bukele took to Twitter to share images of a scale model for his Bitcoin City. Bukele also tweeted that “El Salvador just bought the dip,” adding 500 more Bitcoins to its treasury. Bitcoin prices took a major plunge on May 10, dropping below US$30,000 for the first time since July 2021. For a crypto-forward leader like Bukele, it made sense to buy the dip when the prices are low. But there is a very important question that needs to be answered: what will happen to the Bitcoin City in El Salvador when there will be no Bitcoin?

Looking at the current scenario and the performance of crypto king it can be said that there is a possibility in the near future when Bitcoin will no longer exist. Not just that but given the volatility of bitcoin and its low adoption among the general population, recently, the International Monetary Fund (IMF) has urged El Salvador to remove bitcoin as a legal currency. Bukele’s insistence on keeping it as legal tender complicated his negotiations with the IMF, which said it must assess the risk of the cryptocurrency before granting El Salvador a loan.

 

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