El Salvador Secures $1.62 Billion Investment for Bitcoin City and Seaports

• El Salvador secures $1.62 billion investment for Bitcoin City infrastructure from Turkish company Yilport.
• Investment to revitalize Acajutla and La Union seaports, creating jobs and boosting local infrastructure.
• El Salvador's bonds surge by 60% in 2023, tied to Bitcoin's 80% price increase.
• Bitcoin City, a tax-free project powered by Bitcoin mining, faces delays in funding.
• El Salvador explores alternative funding sources for Bitcoin City, including partnerships and visa programs.
• Country holds 5840.76 BTC worth $345 million, adding 1 BTC daily to its holdings.

Summary :
El Salvador has secured a massive infrastructure investment of $1.62 billion from Turkish holding company Yilport. This investment will support the development of El Salvador's ambitious "Bitcoin City." The agreement involves a mixed-ownership company between Yilport and the government of El Salvador, which will operate two seaports for the next 50 years. One of the ports is the Acajutla Seaport, which handles the majority of the country's exports, while the other is the La Union Seaport, where Bitcoin City is planned for construction. The project is expected to create thousands of jobs and stimulate further investment in local infrastructure. El Salvador's government bonds have also seen a significant increase in value alongside the rise of Bitcoin, with bonds due in 2027 rising by over 60% since the beginning of the year. Bitcoin City was initially proposed in 2021 as a tax-free city funded through Bitcoin mining powered by volcanic energy. While the project has faced delays, alternative sources of funding, such as a renewable Bitcoin mining partnership with Tether and a "Freedom Visa" program for wealthy Bitcoiners, have been secured. El Salvador currently holds 5840.76 BTC, worth approximately $345 million, and continues to add to its holdings daily.

Sources :

- Decrypt