El Salvador guarantees $1.6 billion for Bitcoin city plan
El Salvador has received a $1.6 billion investment from Turkey's Yilport Holding to expand its Bitcoin City project.
President Naib Bukele announced this strategic partnership, which will modernize two critical seaports in the country. It also provides the necessary infrastructure for the great project.
$1.6 billion investment to modernize ports, Kickstart Bitcoin City
In a Twitter post, Yilport Holdings said the investment represents the largest private investment in El Salvador's history. El Salvador Bitcoin Office Director Stacey Herbert said the agreement is a direct result of President Bukele's 2022 visit to Turkey.
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Yilport Holding is a member of the Turkish conglomerate Yildirim Group. The company Founded in 2011 to consolidate port and container terminal operations under one roof, Yıldırım Group expanded its reach to Latin America in 2016.
This agreement also outlines the government's third economic plan. Modernization efforts will begin with improvements to the Port of Akajutla, focusing on improving infrastructure and reducing response times.
The move will see a major renovation of the Union Port, which has been in use for more than two decades. The reforms form the backbone of the upcoming Bitcoin City, a project at the center of Buckel's economic strategy.
Max Kaiser, President Buckele's senior bitcoin advisor, hailed the announcement as a milestone for Bitcoin City. He also emphasized that this investment will strengthen the city's base and enhance El Salvador's role in the global crypto arena.
“Bukele's trip to Turkey was very fruitful! Qatar on board,” Keizer pointed out.
President Naib Bukele previously announced the idea of Bitcoin City in 2021. The construction of this project is based on the funding of Bitcoin bonds issued by the government.
However, the project faced several delays. With the bull market peaking in November 2021, many attributed this extension to unfavorable market conditions.
However, in February 2024, in the midst of his presidential campaign, President Buckele revised his vision for Bitcoin City. Despite lingering doubts about the project, El Salvador has remained a staunch supporter of Bitcoin under Buque's administration.
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Since the president implemented a dollar cost averaging (DCA) strategy to buy one bitcoin per day, the country has consistently bought BTC regardless of market conditions. At the time of writing, the El Salvador Mempool government holds 5,840 BTC. At Bitcoin's current market value, this amounts to approximately $343.31 million.
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