The markets are bleeding. Stocks and Crypto are both experiencing life-changing drops leading into a recession. Bitcoin dropped down to $25,000 and $SPY (S&P 500) dropped to $385 marking the lowest levels of both in years. All of the Crypto market is incurring big losses, destroying all gains over the past year.
Despite the crash, El Salvador is planning to build a city that looks like a Bitcoin. The El Salvador President Nayib Bukele bought 500 Bitcoin for the government when the price went below $31,000, doubling down on his dedication to Bitcoin.
Studio Side Story: LUNA loses 100% of it’s value in the biggest drop in Crypto history. In one week the LUNA Terra Crypto coin (Top 10 Cryptocurrency) dropped from $83 to less than a penny at this moment. Reminder to never invest what you can’t lose!
The goal is to power the city and Bitcoin mining within the city, by using a volcanoes geothermal energy. It will be located next to the Conchagua volcano. Check official photos of the rendering of the Bitcoin City below released by Nayib Bukele.