Nayib Bukele Reveals the First Layout for Bitcoin City

El Salvador’s president Nayib Bukele revealed recently a layout for the Bitcoin City shortly after the nation purchased the dip.

Bukele Unveils BTC City Architectural Plans

Bukele posted photos of the city’s urbanistic layout on Twitter, along with the caption “BTC City coming together beautifully”. The project was announced last November and features four landmarks that are expected to be constructed in La Union, a small Salvadorean town.

The government stated that BTC City would have zero income, capital gains or payroll taxes, as well as 0% carbon dioxide emissions.

#Bitcoin City is coming along beautifully pic.twitter.com/A6ay8aAREW

— Nayib Bukele (@nayibbukele) May 9, 2022

As the images show, BTC City is going to have several public squares and public roads. It will also feature a seaport. And various centerpieces. One of them looks like a huge Bitcoin. The city isn’t golden, it’s just Fernando Romero, a well-known Mexican architect. Bukele revealed that BTC City would host an international airport.

BTC City will have many green and blue spaces. This is in keeping with Bukele’s vision of creating a city with lots of water and trees.

Bukele shared an image of a lookout that was built on top of the volcano, which is being used for BTC mining. It has a ring that is suspended above the boardwalk and serves as a balcony.

Last Wednesday, the government unveiled the Salvadoran Bitcoin Bonds. This financial instrument would aid in the construction of BTC City.

The government stated that the bonds would be issued earlier in the year. The launch date was delayed by Treasury Minister Alejandro Zelaya, especially after the Russian invasion.

Finally, the president shared an image of what the city would look like at night:

Bitcoin Falls 50% From Its ATH –El Salvador Buys the Dip

At the time of writing, Bitcoin is trading at $31,569. BTC has fallen more than 10% in the last seven days and has dropped 50% from last year’s all-time high. Most high-profile currencies tanked significantly this week, with the second-largest currency by market cap Ethereum (ETH) also losing 50% of its price, and currently trading at $2,324, as per data from Coinmarketcap.

Bukele believes that the current market conditions make it a good time to buy. On May 9, the president announced the country had bought 500 BTC at an average price of $30,744 each –approximately $15.5 million at that time. This is the largest amount of Bitcoin a Latin American country has ever purchased.

El Salvador has just purchased the dip!

500 coins at an average USD price of ~$30,744 #Bitcoin

— Nayib Bukele (@nayibbukele) May 9, 2022

The overall crypto market has seen a drop in blood over the past five weeks. This is the biggest sell-off since March 2020 and most analysts in the crypto community signal the US stock market plunge as the trigger.

On May 9, the US Federal Reserve said it will raise interests by 50 basis points (bps) –the biggest rates spike in 22 years. The market took another hit when Terra, the DeFi (decentralized finance) protocol behind the Luna token, sold $750 million worth of BTC causing a broader market bloodbath by triggering massive sell-offs.

Terra’s Luna Foundation Guard tried to hide the sale as a loan to OTC trading firms. They claimed that the same amount would be purchased as soon as the market recovers.