This immediately made El Salvador the first country in the world to openly embrace crypto, and it made President Bukele a superstar among the crypto crowd.

But he wasn't going to stop there. He further announced the construction of a 'Bitcoin City' at the base of the Conchagua Volcano in the Eastern part of the country, where cheap, geothermal energy from the volcano can provide electricity to the development. 

The city would have no taxes on income, capital gains, or property; the ongoing operations would be funded solely with a 10% value-added tax (VAT).

There are also plans to develop 'Bitcoin Beach' – the popular surfing spot that's located about one hour's drive from the capital city of San Salvador.