Google’s Massive 7-Year Investment: El Salvador’s Determined March Towards Becoming a Bitcoin Giant!

  • Google Cloud has announced a seven-year strategic partnership with El Salvador.
  • El Salvador aims to become a hub for technology and innovation through its adoption of Bitcoin.
  • The partnership in El Salvador aims to strengthen government processes through cloud technology and digital services.

Google is expanding its Cloud operations to El Salvador, the only country that has fully legalized Bitcoin as tender. This move comes as the U.S. continues to suppress crypto while other nations embrace it. Google Cloud and the government of El Salvador have entered into a strategic partnership for seven years, pending legislative approval.

Google’s Move with El Salvador

Steven Lubka, General Manager of Swan, concluded on August 30 that El Salvador’s adoption of Bitcoin was a contributing factor. Gabor Gurbacs, an advisor to Tether and VanEck, stated that this would not have been possible without Bitcoin and the technology and investment focus it brought to the region. On August 31, President Nayib Bukele shared a video about the agreement and the benefits his country would gain from the partnership with the tech giant. According to the announcement, Google Cloud will establish a legal entity and office in El Salvador.

Google’s Commitment to El Salvador

Google Cloud stated that it would open an office and bring digital infrastructure to El Salvador. Cloud technology will be at the center of the country’s modernization in areas such as public services, health, and education. The partnership also focuses on three areas, including digital government. Google Cloud will assist in the digitization of government processes using Distributed Cloud services. Google Cloud AI will provide real-time information to assist doctors in health services, and a unified Education Data Platform will be implemented.

El Salvador’s Position on Bitcoin

El Salvador sees this as positioning itself as a technology and innovation center in Central America, starting with the adoption of Bitcoin. President Nayib Bukele commented that El Salvador is moving forward, believing that technology and foreign investment are the keys to development. Google announced in 2022 that it would invest $1.2 billion in Latin America and the Caribbean over the next five years. Meanwhile, Strike, Binance, and Tether signaled their moves towards El Salvador.

Conclusion

El Salvador currently owns 2,954 BTC, worth about $80 million at current prices. However, investments that began in September 2021 have decreased by about 33%. According to Nayib Tracker, the dollar cost average of these BTC purchases is around $41,000. In November 2022, Nayib Bukele announced that they would buy 1 BTC per day going forward. Meanwhile, BTC prices continued to rise this week following Grayscale’s court victory. The asset fell 0.8% during the day to $27,190, consuming the gains from the short-lived pump.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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