Nayib Bukele Nails It Again, Bought The Dip Adding 500 Bitcoin To The Country's Treasury and Plans on Building The ‘Bitcoin City’
Nayib Bukele buys the dip once again and secures 500 more Bitcoin for the country's treasury. It sure feels like this guy is some sort of an insider, although we all know that would be impossible, but this man is never FOMOing on Bitcoin, just keeps on adding on the dips.
According to the president of El Salvador, it seems that 5 million el salvadorans have been "orange pilled" so far. That's more than 75% of the country's population. Add to that the volcano energy powered Bitcoin mining hub and you have the perfect country in the world, in the name of El Salvador.
That's not all, though...
The President of El Salvador, Nayib Bukele, remains bullish about crypto, announcing the construction of an income and property tax-free “Bitcoin City”. A volcano-powered Bitcoin City will be partially funded by $1B in government-issued, dollar-denominated, bitcoin bonds via Blockstream’s Liquid Network, a sidechain of the Bitcoin Mainnet. source
What you guys say the IMF thinks about that?
I bet these guys are turning chameleons right now. A small country like El Salvador is making HUGE PROGRESS in adopting Bitcoin and middle fingering the mighty IMF. I don't know of any other corner of the world right now being in this position. Not even Miami can brag about being that involved in Bitcoin, and you know Mayor Suarez... The man plans on turning Miami into a Bitcoin hub.
What's the tokenomics of the Bitcoin city, though?
The president plans to launch the 10-year bonds in early 2022. Bondholders who do not have citizenship will have the issuance of citizenship expedited. The bonds would be locked up for five years, increasing the scarcity of bitcoin and driving the price up. The bonds issued will be worth $1B, and a 6.5% coupon will be given to bondholders. $500M will be used to buy bitcoins, thereafter additional dividends would be paid to investors, following the sale of the bitcoins after five years. El Salvador will license Bitfinex as the book runner for the bond. A book runner is a coordinating entity in the issuance of the bond.
source
This geothermal powered Bitcoin city, the president of El Salvador plans on making a reality, sure looks like heaven on earth and it's not just about Bitcoin. It's advertised "to rock" 0% income tax, 0% capital gain tax, 0% property tax, 0% payroll tax, 0% municipal taxes, 0% Co2 emissions... Match that, America!
I know, it's just a promise so far, but having noticed that the president of El Salvador keeps his promises, as he did with the pet hospital and school, I bet he will deliver, and my gut feeling tells me this city is going to gain a lot of traction, especially coming from the crypto community.
My question now, for you dear reader is: would you move to El Salvador, living in its Bitcoin City?
And to give the answer myself as well, I'll say I will probably move there. I'm not 100% convinced because I'm not attracted that much to smart cities, but I sure love the idea of 0 taxes on almost everything. What about you?
Thanks for attention, Adrian
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