El Salvador to build 20 schools using Bitcoin (BTC)
On November 2, 2021, Nayib Bukele, the President of El Salvador, announced the construction of 20 schools thanks to the profits generated by the adoption of Bitcoin (BTC). According to the leader, the profits come directly from the Bitcoin Adoption Trust (FIDEBITCÓIN), a trust worth $ 150 million in Bitcoin intended to facilitate exchanges between the cryptocurrency and the US dollar. These 20 schools are in addition to the 400 schools already planned under the My New School program.
“Además, quiero anunciar que con unos millones que nos quedan de las ganancias de #Bitcoin vamos a build las primeras 20 escuelas #Bitcoin, totalmente equipadas y modernas”, Presidente @nayibbukele. pic.twitter.com/qU4nMgrEDb
– Casa Presidencial 🇸🇻 (@PresidenciaSV) November 2, 2021
“I would like to announce that with the few millions that we have left of the profits from Bitcoin we will build the first 20 Bitcoin schools, fully equipped and modern,” said Nayib Bukele during a speech.
The trust created by the Bukele administration has benefited greatly from the rise in the price of Bitcoin. After several months of hesitation between 30,000 and 50,000 dollars, the cryptocurrency has indeed started to rise again in recent weeks. The price of Bitcoin has soared beyond 65,000 dollars, offering itself in the wake of a new historical record.
👉 Also read: El Salvador will no longer freeze the price of Bitcoin (BTC) in the Chivo Wallet to fight against speculation
Nayib Bukele highlights the benefits of adopting Bitcoin
With the profits generated by the adoption of Bitcoin, El Salvador had already announced the construction of a huge animal hospital on its territory. Thanks to this clinic for dogs and cats, the government will create more than 300 jobs in the country. These announcements are obviously part of a vast communication plan intended to accelerate the adoption of the digital currency among the Salvadoran population.
“We are now seeing the benefits of the schools we announced, and God willing, more construction will come from the proceeds of a trust that was created and a law that was created because we ignored the opposition.” », Continues the President of El Salvador, anxious to silence critics of Bitcoin.
Nayib Bukele specifies that he will not touch a cent of the taxpayer’s money to set up the schools or the veterinary clinic. Likewise, El Salvador will not sell any bitcoin to fund the project. The administration confines itself to digging into the surplus profits of its trust. At the same time, the country continues to accumulate Bitcoin by restocking itself as soon as the price drops. According to the latest news, El Salvador now has a stock of 1,120 bitcoins, or more than 61 million euros at the time of this writing.
👉 On the same subject – Salvadorians deposit more money than they withdraw on the Chivo Wallet
Receive a recap of crypto news every Sunday 👌 And that’s it.
What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.
About the author: Florian Bayard