El Salvador Investment to Create a Bitcoin City

Bittime - El Salvador is back in the world spotlight. This time they plan to build a futuristic "Bitcoin City". Read in full, come on!

To realize this vision, the country received a massive cash injection of $1.6 billion. These funds will be allocated to build important infrastructure. 

El Salvador's Big Step 

This investment is not just an ordinary project. However, this is a major step in changing the economic and technological face of El Salvador.

The government of El Salvador announced that Yilport, a Turkish holding company, will invest $1.62 billion in the development of the country's two main ports. 

This investment marks the largest private investment in El Salvador's history. It will also play a key role in the construction of the long-awaited “Bitcoin City”.

Read also: Bitcoin Price Drops Below $59,000, Crypto Market Experiencing Massive Liquidation?

Cooperation Yilport and El Salvador

In a statement delivered via video by the President of El Salvador, Nayib Bukele, the government explained that Yilport and El Salvador will form a joint venture that will operate both ports for the next 50 years. 

This agreement is the result of Bukele's visit to Turkey in 2022. It aims to establish international cooperation to accelerate infrastructure development in El Salvador.

One of the ports that will be developed is the Port of Acajutla. Today, the port is a major export center for commodities such as coffee, sugar and balsamic salt from Peru. 

Another port is the Port of La Union. During this time, the port was inactive and neglected, but was strategically located in an area planned to be the location for the construction of a "Bitcoin City."

The Impact of Building a “Bitcoin City” 

Stacy Herbert, Head of the National Bitcoin Office of El Salvador, via his Twitter account, emphasized that this project will create thousands of direct and indirect jobs. 

Additionally, the project also encourages more investment in the local infrastructure underlying the project.

Max Keiser, Herbert's husband who is also a member of the Bitcoin Office, described this deal as an important infrastructure investment for Bitcoin City. 

Read also: Bitcoin Mining Ratio Increases When Bitcoin Price Falls

In his tweet, Keiser said that "Bukele's visit to Türkiye yielded extraordinary results!" He also added that Qatar might be the next partner in this big project.

Bitcoin City was first introduced in November 2021 as a tax-free city that would finance itself through Bitcoin mining powered by geothermal power from the region's volcanoes, rather than the conventional electricity grid. 

President Bukele Shares Initial Design of “Bitcoin City”

President Bukele shared a potential architectural model of this city in May 2022, although after that no significant developments have been announced regarding this project.

The city's construction was initially planned to be financed through long-awaited "Bitcoin bonds", but the fundraising was repeatedly delayed. 

Nevertheless, El Salvador has found alternative funding sources, including a renewed Bitcoin mining partnership with Tether and a “Freedom Visa” program offered to philanthropists and wealthy entrepreneurs interested in Bitcoin.

According to the Bitcoin Office website, El Salvador currently holds 5,840.76 BTC which is currently worth around $345 million. Not only that, the El Salvador government buys 1 BTC every day.

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