El Salvador will build the world's first 'Bitcoin City', funded initially by bitcoin-backed bonds, President Nayib Bukele says
Opinion polls show Salvadorans are skeptical about Bukele's love of bitcoin, and its bumpy introduction has fueled protests against the government
President Nayib Bukele made the announcement on Saturday at an event closing a week-long promotion of"Invest here and make all the money you want," Bukele said in English, dressed all in white and wearing a reversed baseball cap, in the beach resort of Mizata. Half of the VAT levied would be used to fund the bonds issued to build the city, and the other half would pay for services such as garbage collection, Bukele said.El Salvador in September became the first country in the world to adopt bitcoin as legal tender.
"If you want bitcoin to spread over the world, we should build some Alexandrias," said Bukele, a tech savvy 40-year-old, likening his plan to cities founded by Alexander the Great.
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