El Salvador’s Bitcoin City Wins an International Design Award (Report)

The LOOP Design Awards reportedly recognized the Bitcoin City of El Salvador government as one of the most outstanding projects in interior design and architecture.

When completed, the metropolis will use the energy released from the Conchagua volcano to power itself and BTC as its currency.

Bukele’s City of Dreams Gets an Award

According to recently scope, El Salvador’s urban project stands out among 700 proposals. The jury outlined its innovative interior style, while the beautiful surroundings and nearby volcano have also been credited with the success. They also highlight the work of the Mexican architect Fernando Romero who designed it.

Bitcoin City will be built in the southeast of the Latin American country, close to the country’s two largest volcanoes – Conchagua and Tecapa. Romero’s team says the future metropolis will be “efficient and sustainable” and will use geothermal energy from volcanoes to power itself.

It will use bitcoins as its currency which can provide certain monetary benefits to residents. “The new public space will be the culmination of decades of research into what humans need to live well in an anti-inflationary economy,” explains the architect.

Romero designed the urban area in the shape of a circle so that it could represent the bitcoin logo when viewed from above.

The President of El Salvador – Nayib Bukele – was the first to present the project in 2021. The local government plans to raise $1 billion worth of bitcoin-backed bonds to finance the construction, which should mature in 2032. However, the authorities postponed that was in March 2022, citing unfavorable market conditions.

Bukele explained more about the design in May last year, show how the city would look from the air, its modern airport, and its volcano watchtower.

So Many More Bitcoin Initiatives

As well as being the first country to embrace mainstream cryptocurrencies as legal tender, the government of El Salvador has also introduced several projects related to them in recent years.

He made a large vet hospital called Chivo Pets, where treatment is paid for in BTC, and opened an educational center that provides “free and accessible learning opportunities” around assets for Salvadorans.

Authorities have also started collecting bitcoins on a macroeconomic level, holding around $54 million (as of now). However, the numbers could be higher since Bukele announced in November the government will buy one BTC per day. It is still unknown whether the purchase went as promised.