A huge boost for Salvadoran “Bitcoin City”? A Turkish holding company is supporting President Nayib Bukele’s vision by investing heavily in the port that will power the futuristic crypto city project. What to expect, given that work seemed to have come to a standstill until now?
El Salvador’s ‘Bitcoin City’ Boosted by Massive Investment?
“The largest investment in the history of our country.» Nayib Bukele welcomed the support of the Turkish holding company Yilport, which invested 1.62 billion dollars in two portsincluding one that will power what is called “Bitcoin City”.
The port of La Union was in fact abandoned, and the works had been stopped by the previous government. Yilport's investment will therefore allow the port platform to be revived. La Union is located in the area where El Salvador's Bitcoin City is supposed to be built.the futuristic metropolis project led by Nayib Bukele.
👉 Find our guide – How to buy Bitcoin (BTC) easily in 2024?
As a reminder, The city is supposed to self-finance with Bitcoin bonds and take advantage of the nearby volcano to mine BTC in a clean and sustainable way.. But in reality, all this is still only at the discussion stage.
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Will Bitcoin City ever see the light of day?
Announced in 2021, The futuristic metropolis dreamed of by Nayib Bukele has still not laid its first bricks.At most, the President of El Salvador had published an architectural model on his X account in May 2022:
#Bitcoin City is coming along beautifully ❤️ pic.twitter.com/A6ay8aAREW
— Nayib Bukele (@nayibbukele) May 9, 2022
Since then, no news has filtered through about this city of the future, which is supposed to represent the government's commitment to Bitcoin (BTC). Located 200 km east of the capital, it is currently only an area marked out on a map.. Same idea for the BTC bonds supposed to finance its construction: so far, they have not materialized.
🌐 Also in the news – El Salvador could soon use Bitcoin to trade with Russia, and could even join BRICS
El Salvador, however, continues to buy Bitcoin massively, at a rate of one BTC per day.. He currently holds 5,840, which corresponds to 344 million dollars at the current exchange rate. Despite the warnings of the IMF, Nayib Bukele is therefore betting on cryptocurrency for the future of the country.
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Source: Nayib Bukele via X
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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