Google partners Bitcoin bull country El Salvador
Google Cloud announced 7 years of strategic partnership with El Salvador.
El Salvador has been a popular country since Q3 2021, following the news of Bitcoin adoption by the country as a legal currency under the presidency of Nayib Bukele. Under the influence of Bukele, the country saw huge economic development as well as a downfall in crime rates, which further helped the country to attract tourists.
On 31 Aug 2023, El Salvador president Nayib Bukele informed his X (Twitter) followers that Google Cloud came under a 7 years of strategic partnership with the country.
In this partnership, the Google Cloud team stated that the latest partnership with El Salvador will help to establish a technical hub in Central America.
In the near future, Google Cloud will open an office to push innovations in the digital infrastructure in the country.
Here entry of Google Cloud in this Bitcoin bull country will also push digital innovations in healthcare as well as unified education programs.
On this high-level collaboration, El Salvador Bukele said that El Salvador is moving forward with development in terms of technical advancement and also said that the country’s future development focussed on technology adoption & foreign investment.
Tether and VanEck advisor Gabor Gurbacs also shared his opinion on this collaboration and said that it was not possible without Bitcoin.
In short, Bitcoin helped El Salvador to grab attention globally. At present, this country holds nearly 2,954 Bitcoins (valued at nearly $80 million). Since Nov of last year, this country has been continuously buying 1 Bitcoin per day.
With this current amount of Bitcoin holdings, the country is in loss by nearly 33.5%.
In 2022, El Salvador’s president faced huge criticism because of the loss in the Bitcoin holding value. In response to the Bitcoin critics, Bukele said that the country will not face loss until it will sell in loss.
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