El Salvador will build 20 state-of-the-art schools with the profits generated by the adoption of Bitcoin (BTC). According to President Nayib Bukele, the trust created to reassure the population before the adoption of the currency has managed to make a profit thanks to the rise in the price of Bitcoin.
El Salvador to build 20 schools with Bitcoin (BTC)
This 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 for the My New School program.
“I would like to announce that with the few millions we have left from the Bitcoin profits we will build the first 20 fully equipped and modern Bitcoin schools,”Nayib Bukele says in a statement.
The trust created by the Bukele administration has benefited greatly from the rise of the Bitcoin price. After several months of hovering between $30,000 and $50,000, the cryptocurrency has indeed been on the rise again in recent weeks. The Bitcoin price soared above $65,000, giving itself a new all-time high in the process.
Nayib Bukele highlights the benefits of Bitcoin adoption
With the profits generated by Bitcoin adoption, El Salvador had already announced the construction of a huge animal hospital in its territory. With this dog and cat clinic, the government will create more than 300 jobs in the country. These announcements are obviously part of a broad communication plan to accelerate the adoption of the digital currency among the Salvadoran population.
“We are now seeing the benefits 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, eager to silence the detractors of Bitcoin.
Nayib Bukele says he won‘t touch a dime of taxpayer money to set up the schools or the veterinary clinic. Likewise, El Salvador will not sell any Bitcoin to fund the project. The administration is simply dipping into the excess profits of its trust. At the same time, the country continues to accumulate Bitcoin by replenishing its supply whenever the price is down. At last count, El Salvador now has a stockpile of 1,120 bitcoins, or more than 61 million euros at the time of writing.