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El Salvador’s forgotten crypto city
A year on, El Salvador’s Bitcoin experiment is yet to kick off
It’s been a year since El Salvador made Bitcoin a legal tender, but there still isn’t any progress on their promised crypto city.
The planned spot where the world’s first crypto city was meant to be built, it’s still surrounded by jungle.
The nation’s President, Nayib Bukele, is promising a “Bitcoin City” that will be a tax haven for hungry crypto investors. But some locals say it’s a tough slog as the nation recovers from the height of the pandemic.
In front of hundreds of Bitcoin enthusiast in 2021, the president dressed in all white and a backwards baseball cap said “invest here and make all the money you want.”
The city was promised to have its own airport, a residential area, and a mall that’s meant to look like the Bitcoin symbol from the sky.
Of course, when the country adopted Bitcoin, the price was hovering around #47,000, but it’s now fallen below the $20,000 mark.
The government hasn’t made any comments on the developments, but one expert says it was always going to be a risky move.
Director of the Institute of Science, Technology, and Innovation at Francisco Gavidia University, Oscar Picardo, says “this experiment has been very risky, too risky, for a poor country.”
“It has been seen that (bitcoin) is a very speculative, highly variable financial asset,” he continued.
It comes as President Bukele has heavily promoted the adoption of crypto, recently using he address at the key Alliance for Financial Inclusion meeting to speak on the matter.
What’s happening in the Middle East?
- President Donald Trump says Iran’s Supreme Leader Ayatollah Ali Khamenei has been killed, with Iran now entering a transitional period under a three man leadership council
- Trump says U.S. strikes on Iran could last four to five weeks, outlining objectives including destroying missile capabilities, dismantling Iran’s navy and preventing it from obtaining a nuclear weapon
- The U.S. military confirms four American service members have been killed, and the White House says U.S. forces have destroyed and sunk nine Iranian naval ships
- Iran says it sees “no limit” to its right to self defence and will not negotiate, as missile and drone attacks continue across Israel and Gulf states
- More than 500 Iranians have been killed in U.S. and Israeli strikes, with additional deaths reported in Lebanon, Israel and the UAE
- Shipping, aviation and energy markets have been disrupted, Qatar has halted LNG production, UAE stock markets have closed temporarily, and oil and gas prices have surged
News
Israel strikes Tehran anew as conflict escalates and global markets react
Israel strikes Tehran after Khamenei’s death; U.S. warns of prolonged conflict as tensions escalate in the Middle East.
Israel strikes Tehran after Khamenei’s death; U.S. warns of prolonged conflict as tensions escalate in the Middle East.
Israel has launched a new wave of strikes on Tehran, following the reported killing of Iran’s Supreme Leader, Ali Khamenei. U.S. President Donald Trump has warned the campaign could last up to a month, framing the operation as a move to prevent Iran from acquiring nuclear capabilities.
Iran has retaliated with missile attacks, while its Revolutionary Guards claim responsibility for assaults on oil tankers in the Gulf. The escalating hostilities are already disrupting global shipping lanes and air travel, sending shockwaves through international markets.
With reports of the first U.S. casualties emerging and Washington declaring the Tehran operation a success, tensions across the Middle East are intensifying rapidly. The question now is how far this conflict could spread — and at what cost.
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News
U.S. and Israel strike Iran as missiles hit Gulf bases and oil surges
U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.
U.S. and Israel launch major military operation against Iran; tensions rise as conflict escalates, impacting global markets.
The United States and Israel have launched a sweeping military operation against Iran, striking leadership targets and more than 500 military sites in what President Trump has dubbed Operation Epic Fury.
Explosions have rocked Tehran, with civilians fleeing the capital as U.S. sea and air assets carry out sustained attacks. Washington says the mission is designed to prevent a nuclear armed Iran and has even called on Iranians to rise up against the regime.
Iran has retaliated with a barrage of missiles and drones targeting Israel and U.S. bases across the region, including in Qatar, Kuwait, the United Arab Emirates and Bahrain. While many projectiles were intercepted, a U.S. base in Bahrain sustained damage.
Gulf states long seen as stable hubs for global business are now directly in the firing line, raising fears of a wider regional war.
Oil prices are climbing and tankers are diverting from the Strait of Hormuz as markets react to the escalating conflict. U.S. aircraft carriers, advanced fighter jets and missile destroyers remain in position, signalling more strikes could follow.
With global leaders scrambling diplomatically, the world is watching to see whether this spirals further or shifts back to negotiations.
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