El Salvador will receive over $200 million in investments to upgrade the infrastructure at Bitcoin Beach, according to President Nayib Bukele.
The success of Bitcoin Beach has been a key factor behind El Salvador’s adoption of Bitcoin. El Salvador became the world’s first country to adopt Bitcoin as a legal tender in 2021.
Bitcoin Beach: A brief background
Bitcoin Beach, also known as El Zonte, is a small town in El Salvador. It became a popular tourist and entrepreneurial destination in 2019, when it started experimenting with the digital currency. The town that never even had a bank before installed BTC ATMs—a huge milestone in the country’s journey toward adopting Bitcoin. The town eventually gained the name “Bitcoin beach.”
The beach town’s new name thus represents the widespread acceptance of Bitcoin in the area.
For what will the $200 million fund be used?
According to President Nayib Bukele, the $200 million-plus investment will go toward upgrading the infrastructure of Bitcoin beach, making it more tourist-friendly. The beach town can look forward to the development of tourist attractions, including a beach club, shopping center, parking lot, and treatment plant.
However, the funds will not benefit Bitcoin Beach alone. The funds will also be used to help make Surf City, also known as El Tunco, another tourism hub along the lines of El Zonte. And the larger La Libertad region will receive a new set of roads to give tourists better access to the sites.
While there has been no news about an exact start date for the new tourism venture yet, Bukele explained that it will start later this year.