El Salvador have continued to take the lead in cryptocurrency adoption, first the country announced bitcoin as a legal tender some months ago and the latest is the official opening of a bitcoin city which will serve as a free trade zone that will house top exchanges and bitcoin mining farms. The president announced this project which is backed with a 1 billion dollars worth of bitcoin as a bond.
https://cointelegraph.com/news/el-salvador-to-inaugurate-bitcoin-city-backed-by-1b-bitcoin-bondsThe irony that the project is announced in terms of a US dollar equivalent value (which happens to be the other official currency of El Salvador) is slightly comical. While it sounds like a lot and it is for the average person, 1 billion doesn't stretch that far in terms of infrastructure - especially when it is spread across many years. That and the bonds will be paying interest to the owners across all that time, which is conveniently overlooked and hidden away. It's nice to see some faith in Bitcoin, but it all still feels rather gimmicky and the president of El Salvador is just putting people in the country under the whims of an online currency. That might work, but it's still a big gamble and a billion dollars could definitely be used in more productive ways to help this still developing country.