El Salvador is building 20 “Bitcoin Schools” with surplus from Bitcoin Trust

The El Salvador government is launching its next Bitcoin-related project, including building a school with the profits the country made from the asset.

Profits or “surpluses” from the state Bitcoin Trust account will be used to build 20 schools under President Nayib Bukele. November 2nd, President’s press secretary tweeted:

“When this project started, we didn’t make a lot of money with FIDEBITCOIN [state BTC Trust account] like we did now. So we decided to found the first 20 Bitcoin schools. “

A spokesman for Bukele also stated that the profits from previous BTC purchases will benefit people and that there will be no Salvadoran tax on the new project.

Local media reported that the construction of 20 new schools will help expand crypto education for locals and will be part of the 400 schools slated for the New School of the Year program. In October 2020, the Central American Bank for Economic Integration (CABEI) approved a $ 200 million grant to El Salvador to support educational expansion.

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

El Salvador’s controversial Bitcoin law officially went into effect on Jan.

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

Related: El Salvador takes action as Bitcoin price drops and buys 150 BTC

El Salvador BTC, a Twitter feed that tracks the country’s Bitcoin purchases, has reported a profit of $ 12 million to date, based on an average purchase price of $ 53,062.

https://twitter.com/ElSalvadorBTC_/status/1455579051834417152?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
The account also tracks the $ 30 stimulus distribution that the government gave people to incentivize the adoption of Bitcoin. $ 30 BTC given to Salvador on July 9th is now worth about $ 38, Tracker report on November 2nd, brother of Anthony Pompliano Joe commented:

“Now more citizens have Bitcoin wallets than traditional bank accounts, and for the first time in their lives they are seeing their purchasing power increase by more than 30%. It’s a fascinating experiment. “