Bitcoin city construction will take around 10 years.
Bitcoin was first launched in 2009. Since then the token became a huge hit amongst investors.
The purpose of Bitcoin was to enable easy peer-to-peer transactions. The token also gained much popularity as an asset class. Various factors including inflation impacted the pricing factor of Bitcoins. Other than being a crypto investment model, Bitcoin is now being used as an investment and hedge. With the growing interest in cryptos, many other tokens entered the global market. Join the Bitcoin community today by visiting https://bitcoinsup.pl/.
Price history of Bitcoin and factors influencing it
Bitcoin is famous for its price fluctuation. The token has witnessed major price changes in the market. The token gained attention in 2010 when the price went to $0.09 per token. From 2009, the prices continued to increase in the marketplace. In 2011, the price per token increased to $27 giving a 29k% increase in investments. During the same year, the price of tokens increased to $123 per token. Fast forward to another two years, the price of tokens hit $650 per token. In 2015, the prices fell and saw a price slump. Investors faced a huge loss on their investments. In 2019, the prices of each token reached an all-time high and touched $65k per token.
Market performance of Bitcoin in 2022
The current year has not been easy for crypto investments. Not only Bitcoin, but all other cryptos have also been facing price slumps. The factors involve inflation, global economic crisis, and various other reasons. Bitcoin prices fell from $45k to $30k in May. The prices further fell to $20k per token in June 2022. Bitcoin prices are further expected to reduce. Going by market analysis, Bitcoin price may reduce to $10k per token.
Growth of Bitcoin as a global payment model
With the growing acceptance of Bitcoin, many countries started studying this investment model. The crypto token allows users to initiate and complete digital transactions. It is safe, secure, and transparent. All user transactions are hosted on the public network.
Today, many online shopping sites accept Bitcoin payments. Other than Bitcoin, there is also another crypto token used for online payments.
Launch of Bitcoin city
El Salvador is the first country to accept Bitcoin payments. This came as a surprise to others. Many countries are still looking at the implications of adopting Bitcoins as legal tender. El Salvador passed this law in June 2021. Despite multiple protests in the country, the rule came into effect in September.
Regulatory authorities including the International Monetary Fund and World Bank criticized this move. Both these agencies warned the government of inherent risks with Bitcoin payments. Despite these warnings, El Salvador went ahead with their decision. The country officially launched the Chivo wallet. This digital wallet enables citizens to trade, buy, and sell crypto tokens. The government is also buying crypto tokens including Bitcoin. The local government has been taking advantage of the bear market and bought 80 tokens. The market crash has proved an advantage for El Salvador. Each token was bought at $19k per token making the total sales $1 million.
If you have been following the crypto industry, then Samson Mow is not a new name to you. The CEO of Jan3, a Bitcoin company announced the launch of Bitcoin city. This Bitcoin city will be constructed in El Salvador. It will take another ten years to build this city. If everything goes as per the project plan, then El Salvador will host this Bitcoin city in a decade.
El Salvador’s president commented that the project is a milestone in the industry. The Bitcoin city will be a special economic zone. It will attract massive investments using this project. The city also aims to attract investors to live in the country. It will also help to create numerous employment opportunities for natives.
This smart city will make use of Bitcoin for its day-to-day activities. The image released by Samson depicts a fully golden image of the city. But, yes Samson has clarified that the property is going to be all greenery. There will be residential property, commercial buildings, and even monuments built inside. The country is also aiming at developing an airport for residents’ convenience.
