Bitcoin City: El Salvador Doubles Down on Bitcoin Adoption Projects

Updated:

Only a few months after officially adopting Bitcoin (BTC) as legal tender, El Salvador has announced plans to build a “Bitcoin City” with help from Blockstream and Bitfinex. Meanwhile, official sources have revealed that the country could add $500 million more BTC to its holdings.

During a week-long BTC conference, President Nayib Bukele announced plans to build a whole city focused on only cryptocurrency. Bukele noted that the authorities plan to situate the city in the eastern region of La Union, adding that it would get geothermal power from a volcano. The President asserted that it would produce zero emissions and that the authorities would not levy any taxes except VAT. Bukele noted that:

“Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano.”

According to the leader, the city would take the shape of a circle, like the cities founded by Alexander the Great, and would have an airport, residential and commercial areas, and feature a central plaza resembling the BTC symbol from aerial view.

The country plans to partner with Adam Back’s Blockstream and iFinex—the companies behind Tether (USDT) and Bitfinex. Blockstream CTO Samson Mow explained that all involved parties would issue a $1 billion “Bitcoin Bond,” which should operate as a tokenized financial instrument on the Liquid Network.

Key Bitcoin Levels to Watch — November 23

As predicted in my last analysis, BTC has dropped towards my $56,080 – $53,755 pivot zone following a failure to sustain itself above the $58,000 line on Monday. That said, the price now battles with the upper limit of my pivot zone as bears aim for the $54,000 area.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

With the prevailing bearish sentiment, the primary cryptocurrency needs to break above the $57,500 line (channel top) in the near term or risk additional corrections to the $54,000 level.

Meanwhile, my resistance levels are at $56,700, $57,500, and $58,000, and my key support levels are at $56,000, $55,500, and $55,000.

Total Market Capitalization: $2.52 trillion

Bitcoin Market Capitalization: $1.05 trillion

Bitcoin Dominance: 41.8%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.