- IT giant Google sets up shop in El Salvador as Nayib Bukele gives a welcome speech.
- Digital technologies are estimated to have a $3.4T yearly impact in Central America.
- El Salvador’s physical Bitcoin vault is up $58,228,559 despite Bitcoin’s current pullback.
The Bitcoin (BTC) pioneering nation of El Salvador recently announced it was dishing out 5,000 citizenships to foreign talent, including the digital sector. Google decided to join the nation’s road to modernization and expressed commitment “to help support the country’s digital transformation, including the modernization of its government services and economic development.”
Google praised the partnership as a testament to potential in Latin America, where AlphaBeta estimates a $3.4 trillion economic impact per year due to digital technologies like computing and artificial intelligence.
Google Makes Progress in El Salvador
According to Google’s official blog post, the company signed a deal with El Salvador in August 2023 and has since contributed to multiple areas, including digital government services, healthcare, and education.
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The report reveals that Google and El Salvador are working hand in hand in the nation’s government service digitization, allowing it to bridge the gap between large cities and rural areas. Google also collaborates with El Salvador on a telemedicine platform with machine learning algorithms.
El Salvador $58 Million Up on Bitcoin Holdings
As President Nayib Bukele congratulated Google on opening its headquarters in San Salvador, the country’s Dollar Cost Average (DCA) strategy to acquire one Bitcoin a day bore fruit in a $58 million unrealized profit, according to NayibTracker.
In March, Bukele introduced the country’s Bitcoin vault, physically located inside a high-security territory in El Salvador. In a huge surprise to many, El Salvador’s Bitcoin stash was a lot bigger than previously thought.
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Bukele revealed a screenshot of a staggering amount of 5,689 Bitcoins during the bull rally in mid-March 2024. As the latest Bitcoin nosedive returns the leading cryptocurrency to pre-claimed support levels of $60,000, El Salvador’s digital asset net worth is down to $358 million.
Still $58,228,559.80 in the green on all Bitcoin purchases, the BTC cold wallet also received a flurry of miscellaneous pixelated creatures as Ordinals inscriptions via the BRC-20 protocol.
On the Flipside
- The International Monetary Fund (IMF) has previously lowered El Salvador’s creditor status, withholding billions worth of loans due to risks tied to Bitcoin.
- El Salvador’s Eurobonds outperformed expectations last year, attracting Wall Street’s attention, while Bitcoin-backed Volcano bonds are still on hold.
Why This Matters
El Salvador adopted Bitcoin as legal cash back in 2021, and the country’s aim to attract foreign talent has already paid off: a dramatically reduced crime rate and 2.2% economic growth per year.
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