El Salvador Secures Historic $1.6B Investment for Bitcoin City Ports
13.08.2024 0:03 1min. read Alexander Stefanov
El Salvador, known for adopting Bitcoin as an official currency, has announced a significant new investment.
Turkish port operator Yılport Holdings will invest $1.6 billion to enhance the infrastructure of two ports, including Bitcoin City.
This major investment will upgrade the current facilities at Acajutla and construct a new port in La Unión, where Bitcoin City is planned. President Nayib Bukele highlighted that this $1.6 billion investment is the largest private investment in El Salvador’s history.
The project will be executed in phases, with the first phase starting at the end of 2024. President Bukele detailed that Yılport Holdings will allocate over $1.615 billion to modernize Acajutla’s port and activate La Unión’s port.
Back in late 2021, President Bukele announced the ambitious plan to develop Bitcoin City, which will be powered by geothermal energy. Bitcoin City will have no taxes on transactions and profits, and it will operate entirely on Bitcoin, with geothermal energy also being used for Bitcoin mining.
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