In El Salvador, the El Zonte area, renamed Bitcoin Beach, will receive $203 million in investment to improve infrastructure so that tourists can enjoy their vacation to the fullest.
El Salvador and the $203 million investment in Bitcoin Beach
Despite the long crypto winter, El Salvador’s president, Nayib Bukele, has decided to invest $203 million in Bitcoin Beach, the beach in El Zonte where Bitcoin is widely adopted.
🇸🇻 El Salvador’s #Bitcoin Beach to receive $203 million in infrastructure investments.
— Watcher.Guru (@WatcherGuru) August 31, 2022
El Salvador’s Bitcoin Beach will receive $203 million in infrastructure investments.
The goal is to dedicate that sum to the construction of new facilities that will improve the vacation experience for bitcoin tourists who enjoy the beach and surf.
To this end, in a statement, Bukele said:
“El Zonte for many is known as Bitcoin Beach; we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area.”
El Salvador: $203 million investment also goes to Surf City beach
While El Zonte’s Bitcoin Beach is already famous as a tourist destination, Bukele is also targeting Surf City Beach, commonly known as El Tunco, which will also benefit from the new renovation services.
Here is the tweet witnessing all the work that has been done in the Surf City project:
Días atrás, lanzamos un segundo @surfcity en Punta Mango.
Y el viernes, lanzamos la segunda fase del primer @surfcity, en La Libertad.
Days ago, we launched a second @surfcity in Punta Mango.
— Nayib Bukele (@nayibbukele) August 29, 2022
“Days ago we launched a second @surfcity in Punta Mango. And on Friday we launched the second phase of the first @surfcity project in La Libertad.”
Tourists in El Salvador will see improved bike lanes, a new drainage system, crosswalks, and 14 bridges. According to President Bukele, renovations will begin by the end of the year.
The history of El Zonte and the full adoption of Bitcoin
El Zonte, or Bitcoin Beach, is located an hour from the Salvadoran capital and has been using the queen of cryptos since 2019, becoming a true testing ground for Bitcoin.
Behind the project is an expatriate surfer from San Diego with a degree in economics, Mike Peterson, who initially simply fell in love with the warm waves of El Zonte, but soon after applied to turn the area into Bitcoin Beach as early as 2019.
With the support of an anonymous donor, the BTC that was donated to the area was needed to create a truly circular economy on Bitcoin, and so Peterson took charge of the new project, creating dozens of jobs, all paid for in Bitcoin.