El Salvador is Stumbling. Millions in Payments Soon Due, Low BTC Adoption & No Bitcoin Bond to Help Relieve Pressure — Yet.
At the June 2021 Bitcoin conference in Miami, El Salvador President Nayib Bukele made the groundbreaking announcement that El Salvador would soon become the first country to recognize Bitcoin as legal tender. The announcement propagated far and wide — with Crypto Twitter praising the president as forward thinking and future looking, while traditional establishments and media outlets viewed the announcement with concern and disapproval.
Now, almost one year later — the El Salvador Bitcoin bill is in full effect, with the president continuing to go all in on the cryptocurrency — and continuing to accumulate BTC during each of the dips that has been encountered since the initial announcement.
Additionally, several other announcements have been made since the adoption of BTC as legal tender, including plans to build “Bitcoin City”, as well as the issuance of the world’s first bond which is backed by Bitcoin.
A design for Bitcoin City, which is planned to be built near the Conchagua volcano, was recently released to the public for the first time. Unveiled by Bukele, a golden model of the planned utopia was shared with the world on Twitter.
