News

El Salvador’s forgotten crypto city

Published

3 years ago

September 8, 2022

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.

Related Topics:bitcoin crypto cryptocurrency el salvador Featured trending

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

News

Israel targets Iran’s Fordow facility amid tensions

Israel seeks to damage Iran’s Fordow facility before halting operations; Trump suggests US knows Khamenei’s location, avoids assassination.

Published

2 hours ago

June 18, 2025

Ahron Young

Israel seeks to damage Iran’s Fordow facility before halting operations; Trump suggests US knows Khamenei’s location, avoids assassination.

In Short:
Israel aims to damage Iran’s Fordow nuclear facility and is seeking US assistance, despite uncertainty about American military involvement. Tensions rise as President Trump holds national security meetings, contemplating military options against Iran.

Israel plans to continue its operations against Iran until the Fordow nuclear facility is significantly damaged. The facility, located underground near Qom, is crucial for uranium enrichment.

Israel acknowledges that its own military capabilities cannot reach the depths of Fordow, but it is relying on the United States for support.

Israel’s National Security Advisor, Tzachi Hanegbi, indicated ongoing discussions with US officials but expressed uncertainty regarding US involvement in military actions.

Iran’s nuclear weapon

Many in Israel and the West suspect that Fordow is part of Iran’s nuclear weapon development, a claim that Iran denies.

President Donald Trump left the G7 summit early due to this ongoing conflict and convened a national security meeting at the White House.

The meeting, which lasted nearly two hours, included key security figures such as CIA Director John Ratcliffe and Director of National Intelligence Tulsi Gabbard.

Reports suggest that Trump is considering the use of a “bunker buster” bomb against Fordow.

News

Trump says it was a mistake to exclude Putin as G7 leaders meet

G7 leaders clash with Trump on tariffs while struggling for unity amid the escalating Israel-Iran conflict.

Published

24 hours ago

June 17, 2025

Ahron Young

G7 leaders clash with Trump on tariffs while struggling for unity amid the escalating Israel-Iran conflict.

G7 leaders confront President Trump over rising tariffs and a fragmented global economy.

But unity is also fraying over how to respond to the escalating Israel-Iran conflict, with world powers divided on a path forward.

The summit exposes deep divides at a time of urgent global crisis.

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News

Israel targets Iranian state TV in escalating airstrike

Israel’s airstrike on Iranian state TV disrupts live broadcast and damages uranium site, escalating tensions and prompting Iran to seek U.S. intervention for a ceasefire.

Published

24 hours ago

June 17, 2025

Ahron Young