El Salvador to Build First 'Bitcoin City' at Base of Volcano

El Salvador to Build First 'Bitcoin City' at Base of Volcano

El Salvador’s government plans to build a “Bitcoin City” at the base of Conchagua Volcano in the country’s southeast in 2022, El Salvador’s La Prensa Gráfica newspaper reported Saturday, noting the city will be designed to harness the volcano’s geothermal energy to mine cryptocurrency.

El Salvador President Nayib Bukele announced plans to build the innovative metropolis during a speech in Mizata on November 20. Nayib spoke to a crowd gathered in the coastal resort town to mark the end of a weeklong “Bitcoin Festival” in El Salvador.

“It would be a legal municipality, with [a] mayor and everything,” President Bukele said of the planned “Bitcoin City.”

“It’s gonna include everything: residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail,” he said.

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