Nayib Bukele, the President of El Salvador, recently announced that the country will be building a carbon-neutral Bitcoin City.

The city will not have property, income, or capital gains taxes, and the massive endeavour is expected to be partly financed by the $1 billion Bitcoin bond issued by Blockstream.

Who/What is Blockstream?  Blockstream is a blockchain technology company led by co-founder Adam Back, headquartered in Victoria, Canada, with offices and staff worldwide. The company develops a range of products and services for the storage and transfer of Bitcoin and other digital assets.

Cryptocurrency advocates were rejoicing on this move.  However, this is not a universal story.  There are many who are not impressed by Bukele’s policies.

Sugary White presentations of El Salvador to the rest of the world in terms of how their people accept Bitcoin has another side to the story consisting of people who are not buying in to the Shiny ideas of Bitcoin.  Criticisms are exposing the cracks in the way El Salvador will get presented to the world.

The proposal by a President Nayib Bukele proposes to create the city in the country’s eastern La Union province.  This was stated during the Latin American Bitcoin and Blockchain Conference.

Last month, the government of El Salvador added 421 Bitcoins bringing its overall treasure chest to about 1120 Bitcoins. Two hundred Bitcoin ATMs were installed throughout the country in December, when Bitcoin became legal tender making El Salvador’s Bitcoin ATM Network the third largest in the world.

Athena Bitcoin CEO Eric Gravengaard recently shared insights into the scope of his firm’s involvement in scaling Bitcoin ATMs in El Salvador.

Eric Gravengaard’s opinion in his own words:  First of all, we are super excited to be part of this project.  This country has gone from about 30% banking account adoption according to the world bank. It is now more than 4 million Salvadorians having a Chivo Wallet, when they balance their dollars in Bitcoin.”

In support of the Chivo project we brought in more than 400 ATMS and there is many more to come, but there is a beautiful blue Chivo machines all over the country that we are super excited to be a part of.

Speaking about the adoption of Bitcoin in El Salvador there is a very angry article in the newspaper just a few days ago saying that less than 1% of transactions were done in September in Bitcoin with retailers. However, why are you mad – 1% is amazing.