El Salvador's Bitcoin City project may finally be coming to life as YILPORT Holding commits $1.62 billion to revamp two critical ports, including the one set to host the city.
This partnership, the largest private investment in the nation’s history, signals a significant leap forward in the ambitious plan to create a tax-exempt, eco-friendly metropolis powered by geothermal energy.
Could this be the moment Bitcoin City starts to take shape?
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Largest Private Investment in El Salvador’s History
On August 12, 2024, El Salvador's President Nayib Bukele announced a monumental investment from Turkey's YILPORT Holding.
The holding company will invest $1.62 billion in two of El Salvador's ports, including the one designated as the hub for the Bitcoin City project.
President Bukele emphasized that this investment marks the largest private sector investment in the history of El Salvador.
The investment aims to expand and operate two key ports in collaboration with the local port authority. This move is expected to significantly enhance the country's maritime infrastructure.
Joint Project with YILPORT to Begin by Late 2024
The ports targeted for expansion and renovation are the Acajutla Port, a crucial trade port handling most of Turkey's exports, and La Unión Port, the planned site for Bitcoin City.
The partnership between YILPORT and El Salvador is set to operate these ports jointly for the next 50 years.
The project will be rolled out in phases starting in late 2024. The first phase involves modernizing Acajutla Port’s infrastructure and installing new equipment. The second phase will focus on tripling the port’s capacity through further infrastructure development.
La Unión Port, which has been dormant for about 20 years, will undergo dredging and the acquisition of new machinery in its initial phase, laying the groundwork for future development.
Bitcoin City Construction Set to Accelerate?
Bitcoin City, announced in November 2021, is envisioned as a cryptocurrency-friendly metropolis with features like tax exemptions (excluding VAT) and zero carbon emissions through geothermal energy sourced from a nearby volcano.
The city’s development plans also include the issuance of “Volcano Bonds,” backed by Bitcoin.
In May 2022, a model of Bitcoin City was unveiled, showcasing planned residential areas, commercial districts, museums, entertainment facilities, bars, an airport, a port, and railways. However, actual construction had yet to begin.
With the commencement of this joint project, it is expected that infrastructure development at the proposed site for Bitcoin City will progress, potentially setting the stage for the city's construction to finally gain momentum.
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