Short on cash, El Salvador doubles down on Bitcoin dream

Source: Reuters

Short on cash, El Salvador doubles down on Bitcoin dream

Sarah Kinosian and Nelson Renteria
Fri, February 2, 2024 at 5:08 AM EST·5 min read

BERLIN, El Salvador (Reuters) - James and Nicki Malcolm moved to El Salvador from New Zealand to be part of a bitcoin dream sold by President Nayib Bukele in 2021 when he made the Central American nation the first in the world to accept the cryptocurrency as legal tender.

Months later Bukele sketched his plans for Bitcoin City, a tax-free crypto haven powered by geothermal energy from a volcano, to a sea of enthusiasts at a beach club presentation that included an avatar of himself on a spaceship.

As the popular Bukele readies himself to win a second term this Sunday, ground has yet to be broken on Bitcoin City. But, undeterred and still inspired, the Malcolms, along with 15 other foreigners and a Salvadoran couple, have convinced more than 100 businesses to accept bitcoin in the coffee-producing mountain town of Berlin in eastern El Salvador.

"Adoption is huge for us -- it's what we feel is important and how bitcoin will win," said Nicki, a former mortgage advisor who is part of the effort to turn Berlin into its own crypto mecca. "Bukele put the flag in the ground."

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