Millions of investors in El Salvador!

El Salvador was the first to legalize Bitcoin in 2021 even though it seemed implausible and unworkable to many.

The criticisms regarding cryptocurrencies abound and we know it is difficult to do without them, but many others are increasingly preferring cryptocurrencies in general. Investors do not want to miss the opportunity offered by the American state.

News of the rationing dates back to June 2021, but it was already mentioned by President Neb Bokel, at the Bitcoin Conference in Miami.

We read in Ansa some details about the approved invoice:

According to the new law, the use of bitcoin “will be free with liberalizing power, and unlimited in any transaction and in any capacity required by individuals or public or private legal entities.” “In the discussion that took place at the Finance Committee, he made it clear that bitcoin would not replace the extra dollar.”

Since that moment, El Salvador has come a long way, but where are we

What is certain is that there has been increased investor interest in the president’s revolutionary decision and that the task has been taken seriously. no kidding.

for this reason At the end of 2021, Bitcoin City was announced, a city to be built in the east of the country.

This is what we read on Agi.it:

“In El Salvador, the first country in the world to offer legal tender for Bitcoin, the world’s first “Bitcoin City” will be built, funded by bonds secured by cryptocurrency. This was announced by the President of Central America, Nayib Bukele, during an event dedicated to promoting Bitcoin in the country.” .

It is clear that everything is aimed at ensuring that El Salvador can shine in the light that the president and many other citizens see as it deserves, attracting “rivers of gold” in the form of cryptocurrencies and dollars.

The interest is clearly very high, especially because it is the first attempt in the whole world, and as we know, primates often attract the interest of large speculators, as well as small savers.

But is this novelty sustainable? International Monetary Fundwhich includes 190 countries combined, Differs With the Bitcoin law that El Salvador applies.

Two months ago, on IlSole24Ore, the fund’s call to divest from the company was confirmed:

Fund executives have urged the Salvadoran authorities to “restrict the scope of the law affecting bitcoin by removing the status of legal tender for “cryptocurrency.”

But it is not the first time that such a wise initiative has been stymied Or he was harshly criticized and it won’t be the last time.

However, what really drives El Salvador to keep going? Maybe a million investment It is one of the reasons!

Now we will look at Bitcoin City in detail and at what point the project is, and analyze the advantages of cryptocurrency investors who seem to be very attracted to it.

What is Bitcoin City?

Even small countries enjoy the advantages and prospects that cryptocurrency guarantees, El Salvador is just one of them.

The Bitcoin City project aims to build an eco-city that is tax-free and able to exploit BTC as a currency for commerce.

The city will be built with airports, shops, and commercial services of various kinds, all featuring the emblem of the King of Cryptocurrencies, with a central square in which the symbol stands out.

Recently, we can see some news supporting the project, as we read in Business Insider India about a startup that will help the government to complete everything:

“The Central American nation and the new company Mow have signed a Memorandum of Understanding to help develop the digital infrastructure not just for the city of Bitcoin, but for the whole of El Salvador.”

An interesting opportunity that big and small savers don’t want to miss, also because of the plan’s great tax benefits and prospects.

Why are so many investors betting on El Salvador? Tax haven!

El Salvador sees itself invested in millions of dollars and the enthusiasm for building a Bitcoin city is only increasing.

One of the reasons the project is attracting millionaires from around the world is certainly the allure of the $1 billion government-specified bitcoin bond, with cyclically expected returns of 6.5%, absolute privacy and 24/7 availability. .

But the most interesting thing is that the city aims to become tax free: no more taxes on income, on profits or on property, it is a true tax haven for cryptocurrency!

In Cryptoslate, the number of investors who actually want to buy property in the Conchagua area is highlighted:

“While the Bitcoin Foundation deals with the Salvadoran government, wealthy investors from Europe and El Salvador have already started offering offers to local residents in the areas around Conchagua.”

Who knows that the area around Bitcoin City won’t become some kind of mega residential area in a short time, especially if we think the only tax due will be a 10% VAT!

There is certainly more reason to focus on President Bukele’s vision.

Bitcoin attracts millions from all over the world!

Real estate, finance and technology, all sectors that can find fertile ground in El Salvador.

Investors Can’t Ignore Tax Clearance, Bitcoin Bonds, And A Promising Real Estate Market In The Area Around The First City To Use BTC, Here’s Why Millions come from all over the world.

Even many residents are concerned that, by law, their land may be lost if it is used for “public use”.

Not for nothing, the Salvadoran lands are gaining more value than ever. Just read what Tron Weekly writes:

“For example, Luis Diaz, owner of El Espritu de la Montaa (Spirit of the Mountain), says he received offers three to five times higher than the price paid for the property on which the resort is located.”

Think about it: If one of the trends of the momentlike cryptocurrency, Found such a fertile land in a faraway land with a visionary but possible project, wouldn’t you try to take a slice of the proposed lucrative pie?

I think so, the investor’s mind is human and like all of us think according to the logic of profit.

However, institutions are opposing it: Bitcoin is too volatile

Like any initiative, this initiative also has its opponents.

There are many public-private controversies regarding the issue of Bitcoin City and the legal use of the digital currency. The Central Bank refused to help El Salvador with its experiment, and rating agencies downgraded its rating, as indicated by the International Fund, as mentioned above, to be successful.

One of the most obvious problems, then, is that of the residents of the small country, who fear being driven from their homes, and of possible economic instability and rising inflation. Which still these days makes its grip felt in different parts of the world.

As we already read in the Huffington Post some time ago, the situation is not supported by institutions for obvious reasons:

“While waiting for crypto bonds, El Salvador’s regular government bonds have fallen. The yield on the 10-year bond, due in 2032, has lost more than 40%. Ratings agencies have revised their sovereign debt rating down: Moody’s moved from B3 to Caa1.”

Not even the idea of ​​creating a Bitcoin City on the Conchagua Volcano to harness geothermal energy for mining and infrastructure does not seem to wink at the government and important agencies.

What future for President Bukele? Only time will be able to answer.

The president moves on, but the Bitcoin City project is now on hold

Meanwhile, Neb Bukele, the president of El Salvador, is a star on social media.

His followers are growing and he’s definitely getting famous, but In recent days, things have taken a turn.

Dollars given to citizens in the form of Bitcoin or 200 cryptocurrency exchanges have not been enough, and there is still confusion and issues to be resolved within and outside the Salvadoran government.

Find out about the news on Analytics Insight:

“Bitcoin City is going to be an extraordinary development for the market, but unfortunately it has been put on hold for now.”

The reasons are different and not just the discontent of some citizens.

Instead let’s talk about the truth of it Undisputed precedenceas the first national currency, From the dollar puts a wrench in the works on the project of using bitcoin as base currency, In addition to the constant changes in the city’s location. That it must be in La Uniòn or in other areas located near the Conchagua volcano, it is equally worthy of hosting the project.

However, El Salvador must be careful: spending too much time can lead to a loss of money and driving.

Meanwhile, other countries are exploiting Bitcoin, to mimic El Salvador!

Not only President Bukele, in fact, but other governments are determined to walk the same path.

If someone manages to run a city around Bitcoin, El Salvador will lose the initiative advantage.

In addition to the small American state, BTC has also been legalized in Honduras and we are preparing to follow the path paved by President Bukele.

A bitcoin city will soon be born among the Caribbean islands, With a special city called Pròspera.

Moreover, as if that were not enough, the Central African Republic recently announced that BTC will be legal tender.Which surely aims to re-evaluate the African nation in the eyes of the world and to give the courageous shade of its government.

Who knows, will we be able to see another crypto-based city in Africa?

What is certain about the timing of Bitcoin City in El Salvador: Knepp Böckel has to hurry up if he doesn’t want to see his visionary project taken up by another audacious country.

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