El Salvador wants to build a 'Bitcoin City' powered by geothermal energy
El Salvador recently announced $1 billion worth of Bitcoin bonds through Blockstream's Liquid Network. The plan is to use the Bitcoin bonds to fund a Bitcoin city powered by a volcano.
The 10-year bonds will be issued in early 2022
The president of El Salvador, Nayib Bukele, has announced the construction of an income and property tax-free "Bitcoin City." The government bonds issued through Blockstream's Liquid Network will finance the city with the later value-added tax. The president plans to issue the 10-year bonds in early 2022. El Salvador would expedite the citizenship issuance for bondholders who do not hold citizenship. The bonds would be locked for five years, increasing Bitcoin's scarcity and driving up its price.The bonds issued are worth $1 billion, and bondholders will receive a 6.5% coupon. The country will use 500 million dollars to purchase Bitcoins, after which El Salvador will pay additional dividends to investors after the Bitcoins are sold with five years. El Salvador will license Bitfinex as a bookrunner for the bond. A bookrunner is a coordinating entity in the issuance of the bond.
Merchants were initially skeptical about accepting Bitcoin
The remaining $500 million will be used to develop infrastructure to power Bitcoin through geothermal sources in La Union in eastern El Salvador. The town will have a plaza that looks like a Bitcoin symbol when viewed from the air. In total, the state now owns at least 1100 Bitcoins, buying into the recent dip as it did in September 2021. Merchants were initially skeptical about accepting cryptocurrencies for goods and services. Only 7% of merchants were willing to accept Bitcoin back in October of this year. McDonald's and Starbucks were among the first merchants in El Salvador to accept Bitcoin."This bond offering is something we think will be attractive to a wide range of investors, ranging from cryptocurrency investors, investors seeking yield, HODLers and ordinary people," Blockstream said in a blog post.
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