The recent news of El Salvador’s Bitcoin City announcement has created waves in the financial sector. While both pro-crypto and anti-crypto communities accept that this is a brave, unprecedented, risky move, anti-crypto spokespeople have made it an opportunity to speak about the overall volatility of crypto. According to Bank of England governor Andrew Bailey, the Bitcoin City can prove to be disastrous for the economy of El Salvador, and the aftermath will affect the entire world. To support his argument, he cited the recent IMF statement against El Salvador’s Bitcoin City. Bailey stated that the citizens of El Salvador do not have a consensus or comprehensive understanding of Bitcoin for the large part, and imposing it is a mistake on the government’s part. Bailey strongly believes that the plan will be a failure, and it will have adverse effects on the global economy.
President of El Salvador Nayib Bukele announced his plans for a Bitocin City recently, and after the announcement, it has become global news. The proposed city will be a Bitcoin mining hub, but with all modern amenities like an airport, highways, shopping malls, and residential complexes. The city’s design would also be inspired by Bitcoin’s design, with concentric circles and a statue of a Bitcoin at the center of the city. Moreover, Bukele plans to power all Bitcoin mining facilities from a nearby volcano. The entire plan is ambitious and futuristic, and the global financial authorities do not seem to be hopeful about it.