Solana Outshines Bitcoin, Which Slumps Despite El Salvador’s Plans for ‘Bitcoin City’
The Solana logo on a smartphone
Gabby Jones/Bloomberg
Solana, the world’s fourth-largest cryptocurrency, rose 4.06% in Monday trading, overshadowing Bitcoin
which slumped despite ambitious new plans from El Salvador, the first country in the world to adopt Bitcoin as legal tender.
Bitcoin fell 0.89% on Monday following news over the weekend that El Salvador would build the world’s first “Bitcoin City” funded by bitcoin-backed bonds starting in 2022.
While Bitcoin was trading at $58,280, Solana traded at $221.06 following a stellar jump this year, up 14,000%, according to Bloomberg, which credited the rise on exchange-traded funds tracking the cryptocurrency.
El Salvador’s President Nayib Bukele on Saturday announced plans to build the world’s first “Bitcoin City” – a residential and commercial area in the south of El Salvador, which will be funded by the cryptocurrency.
It will be built near the Conchagua volcano and geothermal energy will be harnessed to power Bitcoin mining.
Samson Mow, chief strategy officer of Blockstream, a blockchain technology provider, announced details of a 10-year “volcano bond” worth $1 billion with a 6.5% coupon which will help fund the project, Reuters reported.
Write to Rupert Steiner at [email protected]
