Bitcoin Ownership in El Salvador Continues to Grow to 5,851 BTC

Previously, El Salvador would receive private investment of USD 1.6 billion or equivalent to IDR 25.3 trillion (assuming an exchange rate of IDR 15,826 per US dollar), which was intended to accelerate the development of “Bitcoin City”.

As reported by Coinmarketcap, Wednesday (14/8/2024), in a video shared by El Salvador President Nayib Bukele on Monday, the Turkish company Yilport Holding will channel the funds to two El Salvador seaports, making it the largest private investment in the history of the Central American country.

The Acajutla Seaport, which is the country’s largest port and handles the majority of exports, and the currently inactive La Union Seaport, where Bitcoin City is slated to be built, are the two ports involved in the deal.

The major deal kicks off the third phase of El Salvador’s economic plan, which aims to improve the country’s logistics. The Bitcoin City project is part of El Salvador’s broader strategy to put the leading cryptocurrency at the heart of its development efforts.

The city, located near a volcano, is expected to be powered by geothermal energy, thereby exempting all its activities, including Bitcoin mining, from all taxes except value-added tax.

The city is planned to be a complete metropolis with residential and commercial areas, restaurants, an airport, and port and railway services.

El Salvador has doubled down on Bitcoin usage since adopting the world’s largest digital currency as legal tender in 2021. The country has adopted a plan to buy one Bitcoin every day, until it becomes unaffordable with fiat currency.