El Salvador is on track to receive a substantial $1.6 billion in private investment, a crucial step forward for its ambitious ‘Bitcoin City’ project. The investment, the largest in El Salvador’s history, will be channeled by Turkish company Yilport Holding into two of the country’s seaports. President Nayib Bukele announced the news on Monday, highlighting the significance of this development.
The investment will target the Acajutla Seaport, El Salvador’s largest port and a vital hub for exports, and the dormant La Union Seaport, designated as the future site of ‘Bitcoin City’. This mega deal represents the third phase of El Salvador’s economic plan, with a focus on improving the country’s logistics.
‘Bitcoin City’ is a cornerstone of El Salvador’s strategy to integrate Bitcoin into its nation-building efforts. The city, planned near a volcano, will be powered by geothermal energy, making it a unique project where all activities, including Bitcoin mining, will be exempt from taxes except for value-added tax. ‘Bitcoin City’ envisions a comprehensive metropolis with residential and commercial zones, restaurants, an airport, a port, and a rail service.
El Salvador’s commitment to Bitcoin remains strong since adopting it as legal tender in 2021. The country has implemented a plan to purchase one Bitcoin daily, a strategy aimed at accumulating Bitcoin reserves. As of now, El Salvador holds over 5,840 Bitcoins, valued at more than $345 million.
This significant investment further strengthens El Salvador’s dedication to its Bitcoin-centric vision, propelling the development of ‘Bitcoin City’ and solidifying the country’s position as a pioneer in the cryptocurrency space.
