El Salvador Drafting Slew Of Bills To Protect Volcano Bonds
More Big Bitcoin Moves From Bukele
Imagine the need to write 20 bills to protect anything. Well, this is precisely the function of the government. Sometimes, it can seem a bit overkill, using more energy than it serves. But President Nayib Bukele has been hot on Bitcoin, and he’s finding innovative ways to finance the Bitcoin City that has already started its mining operations.
Since El Salvador adopted Bitcoin as legal tender, Bukele has been making huge moves. First, he announced that El Salvador would begin mining Bitcoin using the clean geothermal energy provided by a volcano. Then, his next move was to announce that he would build Bitcoin City at the base of the Conchagua volcano.
“In Bitcoin City, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.” President Nayib Bukele
Built like a Bitcoin dreamland, Bitcoin city features residential and commercial properties, plenty of restaurants and entertainment, and an efficient railroad system. Bukele’s plans for this BTC dream include a Bitcoin emblem stamped in the center of it all. However, that will cost money, and that’s what these new bills aim to provide. Hoping to secure $1 Billion through issuing a bond, Bukele plans to use those funds to begin building this year.
How Will These Bills Help?
The 20 bills that will be drafted and submitted to Congress will establish the legal framework for what is now being called the Volcano Bonds. Alejandro Zelaya, head of the treasury, mentioned that it would likely take all of these bills to cover regulations. However, these suggested bills will provide legal certainty for those who invest in Bitcoin City by buying the Volcano Bonds. If this is all based on Bukele’s 2020 predictions for Bitcoin, it’s probably a good idea to make sure those bills become law.
•Will reach $100k@nayibbukele
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf
It’s A Win-Win!
You might be scratching your head wondering why it takes 20 bills to secure bonds, but Bitcoin City is a very aggressive move. However, it’s actually a fantastic idea to secure El Salvador’s financial future. Using a volcano quiets the environmentalists concerned about energy use regarding Bitcoin mining needs. If it takes 20 bills to make sure that happens, all that extra government energy is worth it.
You don’t need Bitcoin City for any of your crypto needs.
Choose Byte Federal. Go bank, Yourself!