June 23 (Cointime) - El Salvador has started building an airport for its Bitcoin City project, which will be known as the Pacífico Airport or Bitcoin City Airport. The construction of the airport will be closely linked to the construction of Bitcoin City, a settlement that will use geothermal power to mine Bitcoin and where residents will be able to do tax-free business in a nation where BTC is legal tender.

El Salvador's decision to adopt Bitcoin as legal tender in September 2021 caused a stir in the cryptocurrency industry, with some applauding the move and others warning of potential risks. The impact of the decision has been mixed, with increased Bitcoin adoption in the country but also challenges such as the loss of value in Bitcoin reserves and theft by hackers. Despite these challenges, El Salvador remains committed to its Bitcoin experiment, and other nations are considering following suit. The decision marks a significant turning point in Bitcoin history, with potential global economic impacts. However, it is important to conduct research before investing in cryptocurrency.

El Salvador's foray into the world of Bitcoin has been making headlines since its announcement. The government's aggressive investment strategy, aimed at contributing to the nation's wealth, is starting to show promising results. Instead of making large, one-off purchases of Bitcoin, El Salvador is now buying one Bitcoin per day, using a strategy of dollar-cost averaging into the market.

Stablecoin issuer Tether has invested in Volcano Energy's first round of funding, which aims to build a bitcoin mining farm in El Salvador. The first round is worth $250 million, but it is unclear if the total funding has been raised.

Volcano Energy has secured $1 billion in funding to build a 241 MW bitcoin mining operation in El Salvador's Metapán region. The mining site will be powered by 169 MW of solar and 72 MW of wind energy, producing over 1.3 exahash/second (EH/s) of computing power.

Dr. Saifedean Ammous, author of the book "The Bitcoin Standard," has been appointed as the Economic Advisor to El Salvador's National Bitcoin Office.

El Salvador's Bitcoin Law, announced by President Nayib Bukele at the Bitcoin Conference in Miami in July, was the most significant crypto story of 2021. While the law was passed in September, its rollout was chaotic, with misconceptions about Bitcoin adding to the government's issues.

Bitcoin-powered payments app Strike, led by entrepreneur Jack Mallers, has expanded to 65 global markets in addition to the US, El Salvador and Argentina. The company aims to become a crypto-powered equivalent of Venmo or Cash App with its consumer-facing app offering Bitcoin and Tether transfers through frictionless onboarding. Strike's expansion into other global markets came about partly as a result of moving its global headquarters to El Salvador which passed a digital assets law earlier this year establishing a regulatory framework for crypto. Despite reports that businesses and residents of El Salvador are not using Bitcoin, Mallers cited increased tourism as evidence that "El Salvador found hope in Bitcoin".

El Salvador's tourism minister has announced that the country is experiencing a surge in tourist numbers. This comes as the country works to change its image from a violent backwater to a haven for Bitcoin enthusiasts and surfers. President Nayib Bukele has also recently announced that the country has gone a full year without a single homicide, making it the safest country in Latin America. Despite criticism from human rights groups and financial institutions, El Salvador's Bitcoin and surf tourism campaign is having a positive impact, with Lonely Planet rating it as one of the top countries to visit in 2023.

In September 2011, El Salvador became the world's first country to officially recognize bitcoin as legal tender.