El Salvador to Build 20 ‘Bitcoin Schools’ with Bitcoin Trust Surplus

[ad_1]

The government of El Salvador is embarking on its next Bitcoin-related project to build schools using the profits the nation has made on the asset.

According to President Nayib Bukele, the profits or “surplus” from the state’s Bitcoin Trust account will be used to build 20 schools. On November 2, the presidential press secretary tweeted:

“When this project was launched, we had not made so much money in FIDEBITCOIN [state BTC Trust account] as we have done now. So we decided to create the first 20 Bitcoin schools.

Bukele’s spokesperson also said profits from previous BTC purchases would benefit the people and no Salvadoran taxes would be affected for the new project.

Local media reported that the construction of the 20 new schools will support the expansion of cryptocurrency education for residents and be among the 400 schools planned for the ‘My New School’ program. In October 2020, the Central American Bank for Economic Integration (CABEI) approved funding of $ 200 million to El Salvador for the incentive to expand education.

In mid-October, the president announced that the government would spend $ 4 million from the Bitcoin Trust to build a new veterinary hospital in the capital San Salvador.

El Salvador’s controversial Bitcoin law officially took effect on September 7, but its first day of legal tender was marred by technical issues with the Chivo state wallet.

On October 28, Cointelegraph announced that El Salvador had purchased an additional 420 BTC, bringing its total reserve to 1,120 BTC. At current prices of $ 63,000, that’s worth around $ 70.5 million.

Related: El Salvador Acts On Bitcoin Price Drop, Buys 150 BTC

El Salvador BTC, a Twitter thread that tracks the country’s Bitcoin purchases, reported that $ 12 million in profit has been made so far, based on an average purchase price of $ 53,062.

Those 1,120 #BTCs that @nayibbukele and @PresidenciaSV bought for El Salvador at an average price of $ 53,062, valued at $ 59.43 million at the time of purchase, are now worth $ 71.42 million. dollars.

– ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021

The account also follows the $ 30 stimulus document the government gave to citizens to encourage Bitcoin adoption. The $ 30 in BTC given to Salvadorans on July 9 is now worth around $ 38, the tracker reported on November 2. Anthony Pompliano’s brother Joe commented:

“More citizens now have Bitcoin wallets than traditional bank accounts, and for the first time in their lives, they have seen their purchasing power appreciate by more than 30%. It is a fascinating experience.

[ad_2]