El Salvador’s Bitcoin City canceled — but did it ever really exist?
El Salvador’s proposed ‘Bitcoin City,’ the crypto-funded, volcano-powered, Bitcoin mining tax haven that was, according to the country’s president Nayib Bukele, “coming along beautifully” has apparently been canceled. Or never actually existed.
This is according to documents purported to be from the country’s Ministry of Public Works that were shared online early Thursday morning.
Despite President Bukele sharing a raft of architectural drawings, concept art, and details about what exactly would be included in the city (plazas, airport, and landmarks) back in May 2022, these most recent documents state that, “there is neither the Bitcoin City project nor is there knowledge of it.”
In other words, it appears on the surface that Bitcoin City has either had its plug pulled completely (it had already hit a number of snags) or it was never a thing in the first place.
When bitcoin hit the skids so did Bitcoin City
The circular Bitcoin City (designed to look like a giant bitcoin) was first announced in 2021 at the Latin American Bitcoin and Blockchain Conference.
Bukele subsequently announced plans to issue a $10 billion bond that was supposed to be invested half in creating the new city’s infrastructure and half in buying up bitcoin.
Read more: Bitcoin trackers reveal Saylor and El Salvador both rekt
However, since the plans were first made public, bitcoin has taken a battering. As a result, Bukele and his nation are down bad on their highly-publicized crypto investments.
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