Dubai, the leading United Arab Emirates city, will be the location of the first Bitcoin tower, reports EIN. The news said that the tower will stand as a reminder of the increasing central role that cryptocurrency is playing in finance and in the lives of people all over the world.

40-story edifice for Bitcoin

The 40-story tower could be part of a Bitcoin-themed hotel being planned by Metaverse Investment LLC, the company behind the initiative, which is organizing a project introduction event at the Bella Restaurant Lounge of the Grand Millennium Business Bay, Dubai. The event has been planned for Wednesday, May 24, 2023. The introductory event featuring stakeholders and investors will have the renowned chef, Alessandro Miceli (@chef_alessandromiceli), in attendance.

Projecting the ideals and controversies around Bitcoin

The initiative has been inspired by the COP28 Summit that is slated to be held in Dubai. It will feature a Bitcoin-shaped hotel and a tower that will embody the ideals of Bitcoin, founded by Nakamoto Satoshi. The release said that the tower will be the centerpiece of blockchain events, the development of artificial intelligence, and other cryptocurrency programs that will be hosted in the center of the city of Dubai.

The May 21 press release by Metaverse Investment LLC said that the project will make cryptocurrency and blockchain the central theme of the Bitcoin hotel. It added that patrons of the hotel will enjoy perks such as being gifted with non-fungible tokens (NFTs). The rental fees paid by the hotel’s customers will also be a form of staking investment that is redeemable by the customers.

Salvatore Leggiero, the developer involved in the project, said that the Bitcoin hotel will be the first to reward patrons in a way that they gain back their rental fees with interest.

In the metaverse

According to Simone Micheli, an architect, the Bitcoin tower will also be developed within a metaverse, enabling people to access it virtually. He added that the logic that will be used in the construction of the virtual Bitcoin tower is different from what is obtainable in everyday construction. He added that the immersive experience will be something that people have not yet experienced.

Salvatore said that the project is currently accepting submissions of models from creators, artists, architects, and other designers. He said that this would be used in the making of NFTs or modeled into the interior of the Bitcoin tower, which he describes as a tangible asset of immense value.

Creating more ways to expose people to cryptocurrencies

The CEO of Metaverse Investment LLC said,

“This innovative approach to hospitality reflects the growing importance of cryptocurrencies in today’s society and is an excellent way for people to experience and learn more about them,” he said.

There are indications that Arabian Chain Piece, a Dubai-based company, will build the anticipated Bitcoin tower.