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El Salvador Unveils Plan For A Bitcoin City | Bitcoin Review #13  December 3, 2021

December 2021 - Crypto

posted by First Trust SkyBridge Crypto Industry and Digital Economy ETF
3yrs ago

Last week El Salvador unveiled its plan to create a "Bitcoin City". The city will be constructed near the Conchagua volcano, and use the geothermal energy from the volcano to mine Bitcoin. The city will have residential and commercial areas, services, entertainment, restaurants, and an airport. El Salvador also announced its plan to raise $1 billion via a "Bitcoin Bond". Half of the funds will be used to buy Bitcoin, while the other half will be used to fund energy and Bitcoin mining infrastructure. El Salvador also announced they "bought the dip" last week and purchased an additional 100 Bitcoin during the selloff.


Crypto companies continue to see large influxes of capital. Binance is currently in talks with sovereign wealth funds about taking a stake in the company. It believes an investment from a sovereign wealth fund would help improve its "perception and relationships" with various governments. The Bitcoin mining company Bitdeer announced it will be going public via a SPAC. The company will be valued around $4 billion, and it will list on the Nasdaq.


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ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.