Watch videos with subtitles in your language, upload your videos, create your own subtitles! Click here to learn more on "how to Dotsub"

Bitcoin city explained by President of El Salvador under 7 minutes

0 (0 Likes / 0 Dislikes)
Guys from Liberland, they donated, those guys... there they are over there. They donated one bitcoin, right. They donated one full bitcoin for the children's hospital too. Yeah, that's right. And we're getting a lot of donations. We're building 20 bitcoin schools which will be full of technology and everything, but also economical education of the future. You know I was thinking, we're having this great event with all these great people, and I was thinking we should do a great announcement. Right? But we already have bitcoin as legal tender so what could it be? It has to be something as good as that at least. So I was thinking, what do we do? Do we bring Satoshi here? What do we do, right? It's a little hard. So I thought, you know, when Alexander the Great was conquering the world, they established these Alexandria's. The whole point of the Alexander's, they were very small pieces of land if you would think serious at that time, but they established 20 Alexandria all over the empire. And the idea was this Alexander is not to cover the territory which was immense and the Alexandria were very small. But the idea behind it was to these Alexandria be the beacons of hope for the rest of the world. That all of the world could be like that. Of course, Alexander the Great died and the empire divided, you know the rest of the story. But that was the idea. So I thought, if you want bitcoin to spread all over the world, we should build some Alexandria's, right? So, I thought, well, we should build the first Alexandria here in El Salvador. So, we were thinking of building Bitcoin City. It's not just an idea, but it would actually... Yeah, it's not just an idea, but it would actually be a legal municipality. With a mayor and everything. I'd probably run for mayor of Bitcoin City in the future. So, Bitcoin City will be a circle that will enclose a new volcano. It's not a new volcano, but a new volcano and not the same volcano that's powering the mine. It's another one. So at the beginning we'll power the city with the old volcano and the old power plant. But then we will build a new one right next to the city. The volcano will power the whole city and will also power the mining. So we will have a real volcano here. And the full city, now, please roll it. So the city is going to be totally circle except for the place of the volcano, and in the middle you will have a huge plaza which from the air you will look it as a bitcoin sign. In Bitcoin City, of course, it's in El Salvador so bitcoin is legal tender, just nice. Not enough, probably. Probably nothing. Or not. But we'll have zero income tax. Yeah. Zero percent, forever. Zero capital gains tax. So, invest here, make all the money you want. We're fine. Exactly. Trade whatever you want. Zero property tax. I mean, if you're making a huge building, you don't want to pay property tax for that. So you'll pay nothing. Zero payroll tax. We want you to hire people, not to pay taxes for hiring people. Zero municipal taxes. Now you say, okay, so who is going to pick up the trash? I'm going to go into that. And zero CO2 emissions because this is a fully, fully ecological city that works and it's energized by a volcano. So, normally you would say, "Well, that sounds nice, but who is going to pick up the trash?" So the only tax you're going to have in Bitcoin City is the value added tax. Normal value added tax is 10% which you would pay. If you buy a Coke, you pay 10%. And that value added tax will be used, half of it, to pay the bonds that we're going to issue to build up the city. So it's going to pay for itself. And the other half will be transferred to municipalities so they clean up their trash, they keep the parks nice, and they keep the city all neat and clean. And if you get ten more countries to do these bonds, that's half of bitcoins market account right there. So, the game theory on this, on these bitcoin bonds is just insane. The first country to do it, which will be El Salvador, will have a massive advantage. It bitcoin at the five year mark reaches 1 million dollars, which I think it will, they will sell bitcoin in two quarters and recoup that 500 million dollars. In three and a half quarters they can get enough money to pay back the entire bond. This is the beginning of a nation state bitcoin FOMO. Do you guys like that? You know, like Samson said, bitcoin is going to change the world. It's nice to be part of it, isn't it? So, let's all be part of it. And let's all push the future even forward. Thank you guys! Have fun. We love you everybody.

Video Details

Duration: 6 minutes and 39 seconds
Year: 2021
Country: El Salvador
Language: English
License: Dotsub - Standard License
Genre: None
Director: Vit Jedlicka
Views: 78
Posted by: on Nov 22, 2021

President of El Salvador Bukele announced on 20th of November 2021 the creation of a Liberland-like city in El Salvador.

Caption and Translate

    Sign In/Register for Dotsub to translate this video.