El Salvador’s ambitious plan for a Bitcoin-centric metropolis, Bitcoin City, has hit a snag with the departure of its self-proclaimed “first citizen, ” Corbin Keegan. Keegan, a cryptocurrency enthusiast from Chicago, arrived in El Salvador over two years ago with the dream of being among Bitcoin City’s pioneering residents.
President Nayib Bukele first unveiled the Bitcoin City project in November 2021, envisioning a geothermal-powered haven for cryptocurrency enthusiasts. The city, planned for the southeastern region of La Union, promised a regulatory framework built around Bitcoin and tax benefits to attract investors and residents.
Keegan, eager to be part of this groundbreaking initiative, relocated to El Salvador and settled near the designated area for Bitcoin City. He reportedly lived in a makeshift dwelling close to the proposed construction site, demonstrating his unwavering commitment to the project.
However, with the passage of time and a lack of tangible progress on construction, Keegan’s optimism appears to have waned. The much-anticipated issuance of “Volcano Bonds, ” designed to fund Bitcoin City’s development, has yet to materialize despite receiving regulatory approval last year. This delay, coupled with the absence of any significant construction activity, seems to have dampened Keegan’s enthusiasm.
Local Salvadoran media reports suggest Keegan’s departure is temporary, with the possibility of his return contingent on concrete developments surrounding Bitcoin City. While the reasons for Keegan’s return to the United States haven’t been officially disclosed, the extended wait for Bitcoin City to take shape likely played a significant role in his decision.
Keegan’s departure serves as a reminder of the challenges El Salvador faces in bringing Bitcoin City to life. The ambitious project requires substantial investment and a clear regulatory framework to attract residents and businesses. While the government has made strides in establishing a legal framework for Bitcoin, translating that into a functional metropolis will require significant effort.
The future of Bitcoin City remains uncertain. The Salvadoran government has expressed continued commitment to the project, but questions linger regarding the timeline and feasibility. Keegan’s departure highlights the potential consequences of delays and underscores the need for concrete action to turn the vision of Bitcoin City into reality.
