Bitcoin City: A Futuristic Dream
In 2021, El Salvador’s President Nayib Bukele introduced an ambitious vision for a new metropolis—Bitcoin City. This modern El Dorado is envisioned as a vibrant community nestled at the base of the Conchagua volcano, complete with a circular design resembling the Bitcoin logo and adorned in gold. The idea of a 21st-century utopia amidst the lush jungle has intrigued many, including myself, as I embarked on a journey to discover the reality behind this grand project.
A Journey to Conchagua
Driving from San Salvador to Conchagua took approximately four and a half hours. Located on the eastern coast of El Salvador by the Gulf of Fonseca, the Conchagua volcano boasts stunning views that extend to Nicaragua and Honduras, along with picturesque islands like Tiger Island and Meanguera Island. However, the tropical climate is undeniably hot and humid, with temperatures reaching 35 degrees Celsius (95°F) during my visit in late January.
According to Bukele’s plans, Bitcoin City is meant to face southeast, offering a view of the water. However, upon consulting Google Maps, I discovered that there are no established roads leading to that side of the volcano—only the Conchagua Forest and pristine beaches, like Playa El Flor. Thus, I made my way to the quaint village of Conchagua on the northern side.
Exploring the Enchantment of Conchagua
Conchagua is a charming little village that transports you back in time, reminiscent of a 1950s Portuguese town. Brightly dressed schoolchildren in white uniforms hurriedly filled the streets, returning home for lunch after being dropped off by colorful buses.
At the heart of the village lies a central square, showcasing the town’s name in vibrant block letters: CONCHAGUA. The square features a charming white fountain, and remnants of Christmas decorations lingered long after the festivities had ended.
One of the village’s standout features is its beautiful colonial church, dedicated to Santiago Apóstol. Completed in 1693, this historical site is the oldest church in El Salvador and a beloved attraction for visitors.
A Quiet Village with Big Dreams
Despite Conchagua’s picturesque qualities, I found it surprisingly devoid of foreign visitors. The locals eyed me with curiosity as I strolled through the town. The population remains uncertain, with the mayor’s office lacking access to the latest census data. Estimates suggest a few thousand residents, although Wikipedia cites an outdated figure of 37,400 based on a 2007 survey encompassing the entire municipality.
I had the opportunity to speak with Margarito García at the mayor’s office, who has dedicated 15 years to public service. When I inquired about Bukele’s grand plans for Bitcoin City, he simply shook his head, stating, “These are only words.” García noted the absence of construction activity or government officials in the vicinity. Nonetheless, he viewed the recent attention from tourists as a positive development for the local economy.
Towards Future Developments
García did mention an exciting project underway—a new airport near Loma Larga, approximately 30 minutes southwest of Conchagua. Dubbed the “Pacific Airport,” this initiative was proposed by Bukele in 2019 to enhance tourism in the eastern region of El Salvador and alleviate congestion at the existing international airport.
Approved by the Legislative Assembly in 2022, the airport project carries a hefty price tag of $328 million and is expected to accommodate between 300,000 and 500,000 passengers annually. Construction is slated to commence in 2025.
Bitcoin City: A Grand Vision
The plans for Bitcoin City are ambitious, featuring not only an airport but also a port, rail services, commercial and residential zones, restaurants, and various entertainment venues. Could the Pacific Airport serve as the first step toward realizing this vast metropolis?
In Bukele’s words, Bitcoin City is envisioned to encompass mining, agriculture, culture, and sports. He promised a tax-friendly environment with no income, profit, property, or hiring taxes—only a value-added tax (VAT) that would fund municipal bonds and public infrastructure. Furthermore, the geothermal energy from the Conchagua volcano is intended to provide a sustainable power source, addressing the environmental concerns often associated with Bitcoin mining.
Funding for Bitcoin City was initially planned through a $1 billion bitcoin-backed tokenized bond known as the Volcano Bond, which received regulatory approval in December 2023. While the launch was anticipated in early 2024, the Salvadoran government has remained tight-lipped about any updates.
A Quest for the Volcanic View
Determined to see the Gulf of Fonseca from the volcano, I set out on a bumpy dirt road, navigating towards another village called Amapalita. The locals warned me that my rental car might struggle on the rough terrain, suggesting I needed a four-wheel drive or a shuttle.
Undeterred, I ventured forth, surrounded by fields and forests, occasionally catching glimpses of the volcano’s northern side. However, the steep inclines proved too challenging, prompting me to turn back. With daylight dwindling, I aimed to reach El Zonte, four hours away, before nightfall.
Looking Ahead: Challenges and Possibilities
If the Pacific Airport construction begins in 2025, it will mark six years since Bukele first proposed the idea. Conversely, Bitcoin City—a more extensive initiative—may face even longer delays. Historical precedents, such as the planned Neom city in Saudi Arabia, suggest that ambitious projects often encounter significant hurdles.
Despite the uncertainty surrounding Bitcoin City, El Salvador has continually surprised the world under Bukele’s leadership. While skepticism remains, one cannot overlook the potential for innovation and transformation in this evolving nation.
