Google, the web search giant, is expanding its cloud operations into El Salvador, the only nation to fully legalize Bitcoin as legal tender. With the United States tightening cryptocurrency regulations and other countries embracing them, industry observers have drawn their own conclusions regarding Google’s move.
This week, Google announced a 7-year strategic partnership with the government of El Salvador, pending legislative approval.
On August 30, Steven Lubka, Managing Director of Swan, concluded that El Salvador’s adoption of Bitcoin played a significant role in Google’s decision. He stated,
“Google establishing operations in El Salvador is entirely due to their adoption of Bitcoin, and I am not going to pretend otherwise.”
Gabor Gurbacs, an advisor to Tether and VanEck, expressed a similar sentiment, saying,
“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 explaining the agreement and the benefits his country would gain from partnering with the tech giant.
According to the announcement, Google Cloud will establish a legal entity and office in El Salvador.
Google Cloud’s statement elaborated,
“We will open an office and bring digital infrastructure to El Salvador, with cloud technology at the center of the country’s modernization, especially in government services, healthcare, and education.”
The partnership focuses on three key areas, including digital government. Google Cloud will assist in digitizing government processes using Distributed Cloud services. Google Cloud AI will provide real-time information to healthcare professionals, and a unified Education Data Platform will be implemented.
El Salvador sees this as an opportunity to position itself as a tech and innovation hub in Central America, a vision that began with the adoption of Bitcoin. President Nayib Bukele commented,
“El Salvador is moving forward. We believe technology and foreign investment are key for development. We are quickly becoming a hub for innovation.”
In 2022, Google announced a $1.2 billion investment in Latin America and the Caribbean over the next five years. Meanwhile, companies like Strike, Binance, and Tether have all signaled their intentions to expand into El Salvador.
Bitcoin Treasury Status
El Salvador currently holds 2,954 BTC valued at approximately $80 million at current prices. However, these investments, which began in September 2021, are down around 33%.
Moreover, the dollar-cost average of these BTC purchases is approximately $41,000, according to the Nayib Tracker.
In November 2022, President Nayib Bukele announced a daily purchase of 1 BTC going forward. Meanwhile, BTC prices have continued to decline following this week’s Grayscale court victory. The asset had fallen by another 0.8% on the day, reaching $27,190 at the time of writing, eroding gains from the short-lived pump.
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