This Monday Bukele bought another 500 bitcoins with public funds, despite the fact that the price of the cryptoactive fell below $30,000.
Through his Twitter account, he President Nayib Bukele released this Monday several photographs of a model that reproduces what his Bitcoin City project would look like with the post “Bitcoin City is coming along beautifully.”
In the picturesBukele appears accompanied by the architect Fernando Romero, ex-son-in-law of the Mexican tycoon, Carlos Slim and who would be in charge of the design of this project, as well as the Pacific Airport, of which he also published photographs of the model.
According to an article published by the specialized site Arquitectura Viva, Bitcoin City will be “designed by the firm Fernando Romero Enterprise – Fr ee.” The ambitious circular development includes spaces for technology companies linked to cryptocurrencies, residential areas, an airport and a seaport”, reports the publication.
Bukele buys 500 Bitcoin, an expense of $15 million of public funds, amid a price crash
He details that “this smart city will generate its own energy from a nearby volcano… The city has a large central square with a museum to host exhibitions on the history of money, smart buildings with the latest technologies and a large multipurpose stadium for host different events.
The article also states that “construction is scheduled to start in 2022” but that this is subject to the placement of $1 billion in Bitcoin Bonds or Volcano Bondsof which $500 million would be used for the construction of Bitcoin City.
However, almost six months have passed since the announcement and there are still no buyers for these bonds.
“The hope of Bitcoin Bonds is already extinguished”, says economist Carlos Acevedo
Bukele made these publications this Monday, May 9, following buying another 500 bitcoin, which means spending $15 million of public funds, amid the fall in value of the cryptoactive, which has reached $30,202 at the close of this note. .
To date, the government has spent $110 million on some 2,301 Bitcoin coins, among criticisms of only obtaining losses and also does not provide information on these funds management.
