El Salvador Is Using Bitcoin Profits to Fund the Construction of 20 New Schools

El Salvador just recently made Bitcoin legal cash, but the country’s Bitcoin Trust has already generated millions of dollars, and President Nayib Bukele has announced that the proceeds would be used to build 20 schools. The presidential office’s press secretary confirmed the information on Twitter. Bukele reposted the press secretary’s tweets and announced the idea after laying the groundwork for El Salvador’s first public veterinary hospital, which was funded by Bitcoin profits.

Official sources in the government stated this week that the country’s Bitcoin Trust account presently has BTC 1,120 (approximately Rs. 565 crores) in it, with revenues in excess, which would be used to support a new project. “We had not generated as much money in FIDEBITCOIN (state BTC Trust account) when this initiative began as we have now,” the state’s press secretary added. “As a result, we’ve made the decision to create the first 20 Bitcoin Schools.”

The revenues from previous Bitcoin transactions will be redirected to programs that would benefit residents, according to the press secretary.

He emphasized that the government’s taxes would not be used in any manner to subsidize school buildings.

Meanwhile, President Bukele used the occasion of the veterinary hospital’s dedication to taking a shot at the country’s opposition party, which had slammed him for adopting the BTC.
It has gone on to use the geothermal power of its volcanoes to generate Bitcoin after introducing Bitcoin legal money in June. All residents who downloaded and enrolled on the Chivo e-wallet were also given $30 (approximately Rs. 2,221) in Bitcoin. This was done in order to increase the number of Bitcoin wallets available in the nation – an endeavor that has paid off, as the number of Bitcoin wallets in El Salvador has already topped 2.1 million.

To encourage acceptance, the nation built 200 Bitcoin ATMs.

The news also comes at a time when Bitcoin is on a massive bull run, with the digital currency hitting a new all-time high of $68,525 (approximately Rs. 50.7 lakh) on worldwide markets like Coindesk. Over the last 24 hours, the world’s oldest cryptocurrency has risen 2.73 percent in value. When the first Bitcoin Exchange Trade Fund (ETF) appeared on the New York Stock Exchange in October, the cryptocurrency had reached a milestone of $67,000 (approximately Rs. 49.5 lakh).

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