El Salvador's President Nayib Bukele has secured an investment of $1.615 billion, the largest private investment in the country, which will benefit the construction of Bitcoin City.
Yılport Holding, one of the largest port holding companies in the world, has announced a historic investment of $1.615 billion that will revitalize the Salvadoran economy.
Nayib Bukele, president of the Central American nation, shared a video on his official X account, in which he highlights that the investment that the port holding company will make will be destined to the modernization and start-up of the ports of Acajutla and La Unión, in El Salvador. The latter, the port of La Unión, is the place where the promised Bitcoin metropolis will come to lifeCalled “Bitcoin City”.
https://news.bit2me.com/el-salvador-asegura-inversion-en-pro-bitcoin-city(abre en una nueva pestaña)
Bukele announced that the monumental investment of $ 1.615 million dollars by the Turkish company brand the largest private investment in the country's historyHe also indicated that this is part of an ambitious economic revitalization plan that seeks to transform El Salvador into a logistics and commercial center in the region.
Therefore, the investment that Yilport Holdings will make is not only focused on the modernization of port infrastructure, but is also aligned with the development of Bitcoin City, the visionary project with which Bukele will position the country as a leader in technological innovation and the adoption of cryptocurrencies.
A port investment that will boost the development of Bitcoin City
The transformation of the ports, especially La Union, is essential to the success of Bitcoin City. As reported by this outlet, the city will be an innovation hub that will bring Bitcoin, the main and most capitalized cryptocurrency on the market, to mass adoption. Bukele first presented the city during his closing speech at the Latin American Bitcoin & Blockchain Conference (LABITCONF), in 2021, as an initiative that promises to become a tax haven and a hub for Bitcoin trading and mining, taking advantage of the country's geothermal energy.
While the development of this city has not yet begun, the recently announced investment from Yilport Holdings is an encouraging step towards its construction. This investment will accelerate the economic revitalization of the country and boost the realization of the vision of the Bitcoin city.
Bukele explained that the port holding company's investment will be carried out in several phases, starting with the modernization of the port of Acajutla, which is currently the largest in El Salvador. In addition to the modernization of the existing infrastructure at the port and the acquisition of new equipment, the investment will also focus on the construction of additional infrastructure that will triple the capacity of the port of Acajutla.
On the other hand, in relation to the port of La Unión, the investment will focus on carrying out dredging works and the acquisition of new equipment to allow the entry of larger vessels. The modernization and start-up of the port of La Unión will not only generate local employment, but will also attract foreign investment, creating a favorable ecosystem for the development of the Bitcoin city.
The visionary project of Bitcoin City
El Salvador was the first country in the world to pass a law recognizing Bitcoin as legal tender in the world. Since then, it has focused on developing a number of ambitious initiatives, such as the Bitcoin City, to build a technological innovation center and turn the country into a “magnet” for cryptocurrency investors.
The city, as presented in 2022, will be built on the slopes of the Conchagua volcano and will feature residential areas, shopping centers, an airport and a modern port infrastructure.
With this city, El Salvador not only seeks to build a place for Bitcoin and cryptocurrency trading, but also wants to provide a tourist destination and an attractive entertainment center for the crypto community and the world at large.
However, despite promises of growth and development, the construction of Bitcoin City has faced several challenges in recent years.
