Guatavita, the gold, and the people from Spain
During the XVI century, Colombia was known as the Viceroyalty of New Granada​, we were part of the Spanish Empire with other countries like Peru, Ecuador, Bolivia, Panama, and Venezuela.
The legend of El Dorado is about a city covered in GOLD. In the colonial era, the Spanish people went from Panama to Peru trying to find this treasure. Nevertheless, the legend was created based on the rituals of the Muiscas, the indigenous people who lived in the area where the story was created. The ritual was made every time a new Indian chief was in the power. This ritual of initiation started with a raft, the chief on top and the priests covering him in gold, followed by the people offering gold and emeralds to the lake asking for good harvest and weather. The conclusion is "El Dorado" wasn't a city, it was a ritual, and a lot of Spanish people died trying to find the big treasure when the real treasure fro was the cult to mother nature.
​
If you go to Colombia, the story of El Dorado can be explained at the Gold Museum in Bogota or visiting Guatavita, and Guatavita Pond, 2 hours away from Bogota, where all the rituals happen.
For more information online about El Dorado, the rituals, and the Muiscas, BBC has this amazing article https://www.bbc.com/mundo/noticias/2013/01/130115_cultura_eldorado_yv.
​