While bitcoin may not have been around for that long to have a historical impact, it now looks that it will have a monument built for its commemoration.

Slovenia’s fourth largest municipality, Kranj, will soon become the first city in the world to boast a monument dedicated to the famous cryptocurrency. The project was developed by the city’s administration in a collaboration with 3fs and Bitstamp.

The commissioning ceremony for the monument was announced to take place this Tuesday (March 13th, 2018). The important figures that are expected to come to the commissioning service are the Mayor of the city, Boštjan Trilar, the President of the Slovenian Bitcoin Association, Jure Pirc, and the Secretary to the Slovenian Government, Tadej Slapnik.

About The Monument

The bitcoin statue will be located on Staneta Zagarja Street, at the roundabout that joins Oldhamska and Gregorčičeva. The statue’s placement in the middle of the roundabout is to signify the decentralized nature of bitcoin and blockchain, the technology behind it. It also represents the digital currency’s ability to enhance connectivity.

A roundabout connects multiple points, something that is the basic philosophy behind the blockchain movement. The roundabout on Staneta Zagarja street was chosen as a location partly because it isn’t a central location, adding more to the message of decentralization that the monument is meant to transmit.

The monument is made out of a copper-looking metal and its features the bitcoin currency symbol in the center of an inclined metallic ring. The statue is meant to represent the openness and progressive thinking for which Kranj stands for.

Slovenia considers itself to be a country that is pro cryptocurrencies and their use. The currently has no taxes for cryptocurrency- and blockchain –related companies and as a result, it has been a hot spot for crypto investors for a few years. Because of this, investors have dubbed Slovenia the ‘Silicon Valley of Europe.’

While this will be the first monument to ever commemorate bitcoin, there have been other crypto-themed artwork created in the past years, revolving around artistic representations of the digital currency’s creator, Satoshi Nakamoto and notable elements such as wallets and distributed ledgers.