Pacific

2024

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>El Salvador announced a $1.6 billion private investment, the biggest in the nation’s history.</li> 
 <li>The Yilport Holding investment will modernize the Acajutla port and build a new port at La Union.</li> 
</ul> 
El Salvador’s President Nayib Bukele announced a massive economic plan that would support the building of a Bitcoin City. 
The $1.6 billion private investment is reportedly made by Yilport Holding and is set to modernize the port at Acajutla and build a new port at La Union, where Bitcoin City is planned. 
<h2 id="the-largest-private-investment-in-el-salvador-s-history">The Largest Private Investment in El Salvador’s History</h2> 
Via a post shared on X today, August 12, Bukele shared a video detailing Phase 3 of his government’s economic plan. According to the clip, the plan is set on logistics and it starts with the largest private investment in the history of El Salvador. 
Yilport Holding will invest over $1.615 billion into the Pacific Port Union. This will modernize the Acajutla Seaport and finally activate the La Union Seaport. 
According to the video, the project has been neglected by the previous administrators and it has not operated since it was first built over 20 years ago. 
This agreement is reportedly a product of President Bukele’s visit to Turkey back in 2022. The agreement will be a mixed-ownership company between the Yilport company and CEPA which will operate both seaports for the next 50 years. 
The investment will be done in phases and the first one will start at the end of 2024. The last phase of the project will generate new and better trade opportunities for the country starting with the Pacific Port Union. 
<blockquote class="twitter-tweet"> 
 Plan Económico / Fase 3: Logística 
 Economic Plan / Phase 3: Logistics <a href="https://t.co/2cmn8T3g5p" rel="nofollow" target="_blank">pic.twitter.com/2cmn8T3g5p</a> 
 — Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1822804662933749921?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">August 12, 2024</a>
</blockquote> 
<h2 id="el-salvador-bitcoin-city">El Salvador Bitcoin City</h2> 
Bitcoin City is a planned smart city project in La Union, El Salvador. This planned city is reportedly intended to be a tax haven, and use geothermal energy to power Bitcoin mining. 
Bukele promised that there would be no income tax, forever, zero property tax, no procurement tax, zero city tax, and zero CO2 emissions. 
According to him, the only takes that they would have in <a href="https://en.wikipedia.org/wiki/Bitcoin_City" rel="nofollow noopener" target="_blank">Bitcoin City</a> is VAT and half of it will be used to pay for the municipality’s bonds and the rest, for the public infrastructure maintenance of the city. 
El Salvador has been <a href="https://crypto.ro/en/news/el-salvador-harnesses-volcanic-power-to-mine-474-bitcoin-in-2021-total-btc-now-5750-unearthed-report/">harnessing volcanic power</a> to fuel Bitcoin mining. 
According to their official website showing the nation’s Bitcoin reserves, the country now holds 5,839.76 Bitcoins worth over $348 million. 
<figure id="attachment_48716" aria-describedby="caption-attachment-48716" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/?attachment_id=48716"><img loading="lazy" decoding="async" class="wp-image-48716 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/08/el-salvador-12-august.png" alt="El Salvador Bitcoin Holdings" width="682" height="765" title="El Salvador Announces $1.6B Record Investment For Bitcoin City 19"></a>
 <figcaption id="caption-attachment-48716" class="wp-caption-text">
 El Salvador Bitcoin Holdings
 </figcaption>
</figure> 
The country’s online <a href="https://bitcoin.gob.sv/" rel="nofollow noopener" target="_blank">Bitcoin Treasury</a>, launched recently, offers real-time data regarding the country’s Bitcoin reserves.

El Salvador Announces $1.6B Record Investment For Bitcoin City

Table of Contents

crypto.ro global

Other articles published on Aug 12, 2024

Is Trump Considering Quitting the US Election?

El Salvador Secures $1.6B Investment for Bitcoin City Port Infrastructure

Bitdeer Reports Net Loss Of $17.7M In Q2 2024, Down From $40.4M In Q2 2023

CYBRO’s AI-Driven Tech Could Outshine Dogecoin and Shiba Inu with 3500 Percent Growth

Massive $650M Crypto Fraud Scheme Uncovered, SEC Files Charges (UPDATED)

UAE DMCC Freezone H1 2024 growth results spurred by crypto, gaming, and AI sectors

Join our free newsletter for daily crypto updates!