El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust

El Salvador’s government is starting a new Bitcoin-related project that will build schools with profits from the asset.

According to President Nayib Bukele, the profits or “surplus” from state’s Bitcoin Trust account would be channeled towards the construction of 20 schools. The Press Secretary to the Presidency tweeted the following on Nov. 2:

“When we started this project, we didn’t have as much money in FIDEBITCOIN [state BTC Trust] accounts as we do now. We have made the decision to create the first 20 Bitcoin Schools.

Bukele’s spokesperson stated that any BTC purchased in the past will benefit the people, and no Salvadoran taxes would be applied to the new project.

Local media reported that the new 20 schools would support local cryptocurrency education and will be part of the 400 schools in the “My New School” program. The Central American Bank for Economic Integration approved funding of $200 million for El Salvador in October 2020. This was to finance the education expansion incentive.

The President announced in mid-October that $4 million would be used from Bitcoin Trust to build a new veterinary clinic in San Salvador.

Although El Salvador’s controversial Bitcoin Law was officially implemented on September 7, technical problems with the state Chivo wallet made it difficult to implement its first day as legal tender.

Cointelegraph reported on Oct. 28 that El Salvador had purchased another 420 BTC, bringing its total to 1,120 BTC. This is approximately $70.5 million at current prices of $63K

Related:El Salvador reacts to Bitcoin price drop and purchases 150 BTC

El Salvador BTC, which tracks the nation’s Bitcoin purchases via Twitter, reported that $12 Million in profits have been made to date. This is based on an average price of $53,062.

The 1,120 #BTC @nayibbukele & @PresidenciaSV purchased for El Salvador at an Average Price of $53,062, or $59.43 Million at the time of purchase are now worth $71.42 millions
— ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021

This account also tracks the $30 stimulus grant that the government provided to citizens in order to encourage adoption of Bitcoin. According to the tracker, $30 in BTC was given to Salvadorans on July 9, and is now worth about $38, as reported by the tracker on Nov. 2. Joe Pompliano, Anthony’s brother, commented:

“More people now have Bitcoin wallets that traditional bank accounts and their purchasing power has increased by more than 30% for the first time ever.” This is an amazing experiment.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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