El Salvador, which broke new ground by accepting Bitcoin as its official currency, announced the new investment they received.
Accordingly, El Salvador announced that Yılport Holdings will invest $1.6 billion in the country to improve the infrastructure of two ports, including Bitcoin City.
This investment by Turkish port operator Yılport Holding involves upgrading Acajutla’s existing port facilities and building a new port in La Unión, a city in eastern El Salvador that is planned to be the location of Bitcoin City.
Announcing this investment plan, El Salvador President Nayib Bukele pointed out that Yılport Holdings' $1.6 billion investment would be the largest private investment in El Salvador's history.
The investment will be carried out in phases and the first phase will start at the end of 2024.
” The largest private investment in our country's history….
Yilport Holding Inc. will allocate more than $1.615 billion to the Pacific Ports Union. Here we will modernize the port of Acajutla and finally activate the port of La Unión.”
What is the Bitcoin City Project?
El Salvador President Nayip Bukele announced plans to build a full-fledged Bitcoin city powered by geothermal energy in the country in late 2021.
Accordingly, in Bitcoin City, no taxes will be levied on transactions and profits, and it will be managed entirely with Bitcoin.
This city also plans to use geothermal energy to power Bitcoin mining.
*This is not investment advice.