First "Bitcoin City" is Coming to El Salvador

Written by :

Jagajeet Chiba

Published on :

21 November, 2021

First "Bitcoin City" is Coming to El Salvador

El Salvador plans to build the world’s first “Bitcoin City” funded initially by bitcoin bonds. President Nayib Bukele made the announcement on Saturday, doubling down on the Central American country’s bet on the crypto currency.

Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT). The city will be circular to represent the shape of a large coin and will be built in the south-eastern region of La Unión, President Nayib Bukele said.

That strategic location would take advantage of the Conchagua volcano's geothermal energy to power Bitcoin mining.

“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele told a cheering crowd at the event.

The Central American nation would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.

El Salvador in September became the first country in the world to adopt bitcoin as legal tender.

- Jagajeet Chiba, Gambling911.com

Washington State Congressman Wants End to Wildfire Betting on Kalshi, Polymarket as Spokane Area Still Reeling

Rep. Michael Baumgartner, R-Spokane, introduced the bill this week. Critics say betting on wildfires is, at best, grotesque and could incentivize arson and other illegal acts.

UNLV Researcher Looks at the Growing Connection Between Social Media and Online Gambling

The study was presented at the 19th International Conference on Gambling & Risk Taking, where researchers and public health experts gathered to discuss the latest work in the field.

Delta to Focus on Premium Flyers Between Atlanta and Las Vegas

A one way flight between Atlanta and Las Vegas for Wednesday December 7. As of August 20, fight class was a mere $609 with just three seats booked. If you think that's expensive, consider that nearly all the other nonstop first class one way flights out of Atlanta were going for $2000!

Can Prediction Markets Be Manipulated by One Huge Trader?

A prediction market can change fast. One minute, an outcome is trading around 45%. A few large orders come in, and suddenly the market is sitting at 55% or even higher.