President Nayib Bukele released images of El Salvador’s Bitcoin City model following a recent Tweet that the country “bought the dip” purchasing an additional 500 Bitcoin.
The Bitcoin City images showcase a golden city with a Bitcoin centerpiece. Bukele captioned the photos with "Bitcoin city is coming along beautifully.” The president then shared four additional photos displaying various landmarks that will be placed throughout the city, one of which appears to be a gigantic Bitcoin.
He further clarified the color scheme for the city model by saying that it will not actually be golden like the photos suggest. The city will follow more of a green and blue scheme, with much of the green coming from various trees in the area.
The city will be located at the base of the Chonchagua volcano which allows mining to be conducted through geothermal energy. As a result, the city is said to have 0% CO2 emissions.
Bukele also shared a must-see overhead view of the top of the volcano where a ring-shaped balcony will be built for onlookers.
Bitcoin bonds are being used to fund the city. The idea was originally announced back in November of 2021 with the intention to raise $1 billion. Half of the funds are being used on Bitcoin City infrastructure while the other half will be allocated for purchasing additional Bitcoin.
The Bitcoin bond is said to pay a 6.5% yield and will allow digital asset investors to be fast-tracked for citizenship.