Google Expands Cloud Operations into El Salvador Through Partnership
Google has announced a 7-year strategic partnership with the government of El Salvador, expanding its Cloud operations into the country. The move is seen as a result of El Salvador’s adoption of Bitcoin as legal tender. The partnership aims to modernize various sectors in the country, such as government services, healthcare, and education, using Google Cloud’s technology. El Salvador views this partnership as an opportunity to position itself as a tech and innovation hub in Central America. Google has also announced a $1.2 billion investment in Latin America and the Caribbean over the next five years.
El Salvador’s Bitcoin Treasury Status
El Salvador currently holds 2,954 BTC valued at around $80 million. However, the investments made since September 2021 have seen a decrease of about 33%. The average cost of these BTC purchases is approximately $41,000. President Nayib Bukele has announced that going forward, the country will purchase 1 BTC daily. Bitcoin prices have been declining recently, with a drop of 0.8% to $27,190 at the time of writing.
Hot Take
Google’s expansion into El Salvador through its partnership with the government is a significant development for both the country and the crypto industry. By embracing Bitcoin, El Salvador is attracting foreign investment and positioning itself as a technology and innovation hub. This move by Google further validates the potential of cryptocurrencies and blockchain technology. However, it also highlights the contrasting approaches to crypto regulation among different countries, with America cracking down while El Salvador embraces the technology. Overall, this partnership is a positive step towards the mainstream adoption of cryptocurrencies.
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